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T-Notes in a tight range at the start of....>

US TSYS
US TSYS: T-Notes in a tight range at the start of Asia-Pac trade, last -0-01 at
139-04+, hovering just off Tuesday's worst levels.
- Tuesday saw another round of steepening of the curve, with equities bid into
month-end, as it became apparent that the heavily touted quarter-end flows (-ve
equities/+ve bonds) were executed ahead of time. Having said that, a late NY
5.0K ultra bond block buyer, as well as a pick up in activity surrounding
month-end, helped T-Notes off of session lows, but the move was fairly limited.
- Consumer confidence data topped exp., while the MNI Chicago PMI was on the
weaker side.
- Messrs Powell & Mnuchin offered little in their latest address. Meanwhile, NY
Fed President Williams noted that the central bank is analysing the potential
costs & benefits of yield curve control. Williams said "yield curve control at
the shorter end of the curve is really thought of, I think, mostly as a way to
support or reinforce forward guidance of the federal funds rate."
- China's Caixin manufacturing PMI headlines the Asia-Pac session.
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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