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Treasuries ended a whipsaw Friday......>

US TSY/RECAP
US TSY/RECAP: Treasuries ended a whipsaw Friday mixed, long end better, curve
flatter after US stocks managed to recover from Thursday's stocks selloff/bond
rally on US political jitters, ISIS attack on Spain. But Friday was wild:
Treasuries in morning rose on risk-off/FX-tied buying on weak dollar/yen. Tsy
10Y futures had 40,000 TYU bought prior to 9:30am ET, with cash Tsys rally
peaking out 10am ET.
- Then Tsys slid, stocks rose on speculation that Wh Hse advisor Bannon would
leave, which was confirmed in WSJ story later. (Thursday saw opposite: Tsys
rally/stocks slide on speculation, unfounded, NEC Cohn would leave.) 
- Market saw heavy sell volume near 140,000 TYU from 126-29.5 to 126-23 (Vwap,
high volm px of 126-25.5 at time), fast$ sellers 10s, real$ sales in 10s and
30s; flattener unwinds in 5s and 10s vs. 30s.
- Tsys bottomed 1pm ET, and various wires confirmed Bannon exit so US equities
traded to new session highs, S&P Eminis hit 2439.5 high. Sep/Dec Tsy futrs roll
volume rose in long end. Tsys saw late dip buying, long end outperforms.
- T-Notes open Asia down 4 ticks at 126.20, 10-Year yield last 2.194%.

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