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Treasuries have drifted back........>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries have drifted back lower after overnight gains, ahead
of ADP payrolls data and Fed speakers + Beige Book.
- The Jun 19 T-Note future is up 1.5/32 at 121-295, having traded in a range of
121-28 to 122-015.
- Highs were made early amid weaker global equities, but stocks have since
steadied out (S&P E-mini off 0.1%).
- Modest moves in the cash curve: the 2-Yr yield is down 0.6bps at 2.5385%, 5-Yr
is down 0.5bps at 2.5227%, 10-Yr is down 0.6bps at 2.7114%, and 30-Yr is
unchanged at 3.081%.
- Feb ADP employment will be in focus at 0815ET/1315GMT, ahead of Friday`s
nonfarm payrolls; Dec trade balance also worth watching (0830ET/1330GMT).
- Plenty of Fed-related events later. NY Fed's Williams and Cleveland's Mester
make appearances at 1200ET/1700GMT. Beige Book out at 1400ET/1900GMT.

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