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The buys have it! In equities that.....>

US TSY FLOWS
US TSY FLOWS: The buys have it! In equities that is, large buy programs rolled
through late, lifting SPX off session lows in late trade -- 2397.0L to >2466.0
after the FI pit close. Bid for Tsys evaporated w/Ultra-bond actually slipping
into the red after leading rally all day. Yld curves gap steeper. All moves on
light volume/illiquid trade while implieds recede.
- US$ index that had recovered some ground after conf data, extended lower into
midday and recovering slightly in late trade (DXY -.493 at 96.557). US$/Yen off
session lows, -.40 at 110.97 vs. 110.46L.
- Third time the charm, $32B 7Y note auction (9128285T3) trades through, awarded
2.680% rate vs. 2.685% WI.
- Spds reverse from tighter levels held much of the session, 10Y on session
wides, long end ignores move.
- Overall volumes much better than prior session at this time (TYH just under
1M) largely due to return of London from Boxing day holiday. Pre-auction
hedging, mixed year-end positioning/extensions. Tsy cash/ylds: 2Y 99-28
(2.560%), 5Y 100-02.25 (2.608%), 10Y 103-02 (2.767%), 30Y 107-07 (3.055%)
MarketsFixed Income Bullets
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