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The week has kicked off with........>

US TSYS SUMMARY
US TSYS SUMMARY: The week has kicked off with range trading in Tsys and much
lighter volume than we saw on Friday. Little reaction to troubling COVID state
case numbers over the weekend.
- The 2-Yr yield is down 0.2bps at 0.1509%, 5-Yr is down 0.8bps at 0.2976%,
10-Yr is down 0.5bps at 0.6398%, and 30-Yr is up 0.1bps at 1.3372%.
- Sep 10-Yr futures (TY) down 1/32 at 139-06 (L: 139-04 / H: 139-10), 150k
traded as of 0630ET.
- Some tit-for-tat escalation in Sino-US relations (China sanctioning US
officials and entities incl Sens Rubio and Cruz over Xinjiang), no reac.
- Q2 Equity earnings season kicks off today - today, Pepsi reported a beat on
EPS; tomorrow we get financials incl Citi, JPM, Wells Fargo.
- A couple of Fed speakers: NY's Williams discussing LIBOR at 1130ET (w prepared
text, and Q&A); Dallas's Kaplan has a webinar on the economy at 1300ET.
- In supply, we get $105bln in 13-/26-day bill sales at 1130ET.
- NYFed buys $1.75bln of 20-30Yr Tsys; also releases its monthly repo ops
schedule at 1000ET.

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