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Conditions Remain Bullish


BLOCK, Late 2Y Buy


Bearish Activity Dominates

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US TSY/RECAP: T-Notes finished Thursday well off of session lows, in the mid to
upper area of their daily range, yields were lower, as the belly of the curve
outperformed, with heavy volume apparent.
- Weak global equities, Italian/Spanish budget issues and worries surrounding
the latest Brexit summit underpinned the space through U.S. trade.
- Fed's Quarles suggested that the FOMC is the closest it has been to its dual
mandate for some time, while he reiterated the need for gradual hikes. The more
dovish Bullard reiterated his view that weak inflation combined with other
factors mean that the Fed shouldn't raise rates further.
- In terms of flow, prop & fast-money a/c's two-way trade was noted in shorts to
intermediates, with real-money & bank portfolios better sellers in 10s and 30s.
- A jump in the 3-Month LIBOR fix pressured the front of the short end, while
further dated contracts tracked Tsys higher.
- Focus Friday turns to China GDP, in addition to Fedspeak from Bostic & Kaplan.
- T-Notes last 118.03+, U.S. 10-Year cash Tsy yields closed at 3.179%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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