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Strong risk-off/safe-haven bid for.....>

US TSY FLOWS
US TSY FLOWS: Strong risk-off/safe-haven bid for Tsys on heavier volume
(TYH>1.6M by bell), heavy selling on day in equities, Gold was nearly $22.0
higher following last night's US Strike On Iran's Soleimani, turning up to
already high Middle East tensions after US Defense Sec. Esper warned potential
for "preemptive strike" vs. Iranian militia Thursday morning. 
- Yld curves continued to bull flattening w/3M10Y 10bps off Thu's highs, 2s10s
8bps flatter as long end extended highs into the close. Focus off data, little
react to Dec FOMC minutes.
- Tsys pared gains into midday/equities inched off lows (ESH0 -15.0 at 3244.0
after falling to 3263.5 ahead the NY open). Middle-east geopolitical tensions
only just getting warmed up after last nights US Strike on Iran's Soleimani, but
fear of immediate reprisals do appear to be cooling at the moment with some
strategists suggesting global effect is more regional and unlikely to "derail"
US economy. All remains fluid, any escalation sure to add momentum to risk-off
move. The 2-Yr yield is down 4.2bps at 1.5266%, 5-Yr is down 7.7bps at 1.5896%,
10-Yr is down 8.6bps at 1.7916%, and 30-Yr is down 7.5bps at 2.2558%.

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