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The abrupt shift in geopolitical....>

US TSYS SUMMARY
US TSYS SUMMARY: The abrupt shift in geopolitical risks (Iran ceases to
implement aspects of the 2015 nuclear deal and an escalation in the trade
dispute between Beijing and Washington) is underpinning the rally in USTs.
- TYM9 trades at 124-04+, near the highs of the day.
- TSY yields are 2-3bp lower on the day. Current yield levels: 2-year 2.264%,
5-year 2.237%, 10-year 2.432%, 30-year 2.845%.
- Eurodollar futures are broadly 0.5-2.0 ticks higher.
- The data calendar is light today. MBA Mortgage Applications for May 3 are due
out this afternoon.

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