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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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US TSY/RECAP: Treasuries end Thursday higher after month-end index extension
buying, morning and midday FX-tied black box buying (on weak US$/yen)) and weak
yr/yr 1.4% PCE core price index rise (least since 2015) and higher initial wkly
jobless claims. Mkt digested steady 58.9 MNI Chicago Business Barometer, firm
53.3 Bloomberg Consumer Comfort Index. 
- In between morning and midday FX-tied bid, late morning real$ and spec selling
in 10Y, 30Y while bank portfolio sold 30Y Tsys. 2nd round of FX-tied buying in
Tsys as US Tsy Secy Mnuchin said "weaker US$ is somewhat better for US trade." 
- Tsys had morning, afternoon month-end buying aiding back end; BBG Barclays
Tsys advance index estimate had a 0.11 yrs extension. - Tsy futures: Early large
blocks at 8:21am ET: 10,000 FVZ (5Y futures) at 118-12 and for 5,000 TYZ (10Y
Futures) at 126-23.5 (likely sales.) 
- Also Tsy futures had a 2:25pm ET 7,000 FVZ 5Y futures block buy at 118-15.25,
buy through -15 off at print time. Tsys futures saw late month-end buying before
3pm ET futures close.
- T-Notes open Asia at 127.00+, 10-Year yield last 2.117%

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