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T-Notes finished firmer on.............>

US TSY/RECAP
US TSY/RECAP: T-Notes finished firmer on Wednesday, but well off second half
highs, after a late risk-off unwind as the Brexit draft agreement was posted by
the EU & UK PM May pushed the deal through the cabinet.
- Earlier risk-off tone fuelled by equities, sour AAPL price action got the ball
rolling, followed by reports Maxine Waters threatened the end of regulatory
roll-back; which weighed on bank shares.
- There was little reaction to Oct CPI data.
- Large Block action highlighted: Steepener (adds to Tue curve Block): +39,233
FVZ at 112-11.75, bought through 10.25 offer; -7,235 WNZ at 149-24.
- Also worth noting likely large front end short unwind in progress w/+36k TUZ
block buys from 105-10.25 to -13.
- Fed Chair Powell is due at the top of the hour, with Bostic, Quarles &
Kashkari all due Thursday. U.S. retail sales headlines the economic docket.
- T-Notes closed at 118.24, U.S. 10-Year cash Tsy yields closed at 3.125%.
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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