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The Treasury markets have...........>

US TSYS SUMMARY: The Treasury markets have strengthened as threats fly of
nuclear detonation over the Pacific ocean by North Korea. Asian equities were
slightly soft but also not helped by an S&P downgrade of HK to AA+ from AAA. 
- Currently, the belly of the curve is leading the way, with the TYZ7 CTD and
the current and first old 7Y providing the high water mark for performance. The
sub 2Y sector has lagged with a 1.1bp decline to 1.427%, the 10Y is 2bp lower at
2.259%. along the curve, the 10-30Y spread flattened further to 52.7bp and is
1bp from multi year lows - it will be one to watch later today.
- The decent rally of swap spreads at the front end of the Treasury curve has
been turned back slightly overnight. 2 and 5Y spreads are each 0.5bp lower on
- Whereas, Treasuries are performing well, the Bund is softening so the spread
is 2bp tighter at 179.4bp today. 
- Data is fairly limited today and supply does not re-start until next Tuesday.

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