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T-Notes continue to hold shy of.............>

US TSYS
US TSYS: T-Notes continue to hold shy of settlement levels, but trade back from
session lows, with the focus remaining on Friday's news flow. Cash curve bear
flattened a touch in early trade this week, before U.S. equity index futures
moved back from best levels, with yields creeping into negative territory as a
result. Gov't shutdown ongoing. Trump's "concession" seems to be building a
border wall out of steel, as opposed to concrete. Eurodollar strip continues to
hold lower, with the whites and reds operating off session lows, on solid
volumes for this time of day. Whites -0.5-1.5 ticks, reds -2.5-3.5 ticks, greens
-2.0-3.0 ticks. Modest stepeener plays noted in spreads early on this week.
- Today sees a 2-day vice-min trade summit between the U.S. & China get
underway, as well as the release of the ISM non-m'fing survey. Weds brings the
release of the FOMC meeting minutes from the Dec MonPol decision, with Fed Chair
Powell due to speak Thurs, headlining a smattering of Fedspeak due this week.
Market will also have to digest a cumulative $78bn worth of 3-, 10- & 30-Year
supply during the next few days.
- T-Notes last 122.07, U.S. 10-Year cash Tsy yields closed at 2.666%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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