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The overnight repo market....>

US TSYS/OVERNIGHT REPO
US TSYS/OVERNIGHT REPO: The overnight repo market saw the Treasury 2-year note
tighten to a negative rate, while the 5-year note drew more milder demand, said
traders. The 2-year note hit a session high tight rate of -0.55%, but then
had waned by late morning to about -0.03%; that compared to Thursday's
rate of 0.45%. "There are legitimate shorts in it, but to get to -0.55%
in RP, is guys squeezing the shorts," said one trader.
- The 5-year note meanwhile traded at +0.90 vs. +0.60% earlier. It began to
tighten in its usual early pre-auction midmonth tightening trend heading into
the late month 2/5/7-year note auctions, said traders. The Treasury General
Collateral rate traded at 1.17%. (More)
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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