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Trading weaker most of session -- .....>

US TSY FLOWS
US TSY FLOWS: Trading weaker most of session --  Tsys recovering late,
all-in-all another quiet session/modest volume ahead better data risk in second
half of week: ADP Wednesday, NFP Friday, Fed Chair Powell late Friday ahead
media blackout.
- Tsy yld curves flat but off lows; US$ higher/off highs (+.157, 96.839);
equities see-sawing in mildly higher levels (SPX +2.25, 2793.75).
- Ongoing US/China trade headline watch: US Secretary of State Pompeo saying
Pres Trump "will walk" if China trade deal not "perfect" in interview w/Sinclair
media group this morning, follows up with more pragmatic tone: "will keep
banging away at it" if deal "doesn't work". 
- Two-way flow, position squaring ahead midweek data, decent deal-tied flow
-  On tap for Wednesday: ADP private payrolls for February (+213k last, +190k
est); December trade balance (-$57.2B); Mar help-wanted online ratio; Beige Book
for upcoming FOMC.
- Tsy cash/ylds: 2Y 99-28.75 (2.551%), 5Y 99-08.25 (2.533%), 10Y 99-04 (2.724%),
30Y 98-06.5 (3.092%).

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