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US TSY FLOWS: The "I"s have it? Impeachment probe gains traction, spurs late
rate rally. We shall see if buy rumor sell the fact holds true, but Democrat
move has little bite without Senate. Tsys well bid after the bell but off late
session highs on choppy trade tied to headline risk: Trump to release Ukraine
call transcript spurred short lived risk-off unwind; Speaker Pelosi going ahead
w/impeachment according to Washington Post pushed rates to new session highs.
Equities trade weak late (ESZ9 -35), Oil weaker (WTI -1.35), Gold strong
- Overall volumes rather moderate (TYZ only 1.5M), market taking political risk
in stride it appears. Incoming supply: strong US Tsy $40B 2Y note auction
(912828YJ3) awarded a 1.612% rate (1.516% in Aug) vs. 1.620% WI, bid/cover 2.64
vs. 2.60 previous (2.83 avg). Corporate issuance strong again w/$6.25B adding to
- Short end Eurodollar spds flatten, EDZ9/EDZ0 -0.060, appears rate cut chances
moving out to early 2020. The 2-Yr yield -6.8bps at 1.6132%, 5-Yr is down 8.8bps
at 1.514%, 10-Yr is down 9bps at 1.637%, and 30-Yr is down 7.9bps at 2.0939%.