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/TAXES: And FTN's Vogel added on overall....>

US TSYS
US TSYS: /TAXES: And FTN's Vogel added on overall Treasuries, "Pick any metric
and US Treasuries are significantly cheaper today. A 2% fed funds target is now
largely in place for either August or late Sept. The 10-yr basis to SPX cash
dividend is +55bp, above peak of last December. 10s/30s curve was steeper prior
to auction (although 5s/7s has barely moved off the lows). Real 5-yr rates
continue to accelerate, now above the last 2 bear-mkt peaks."
- "All of this on still thinnish volume. as traders wait for more details from
Republicans in the tax conf committee," he added. "Leadership is frequently
quoted today that progress should allow votes early to middle of next week. No
immediate signs of dissent from the tougher Republicans in the Senate."

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