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Treasuries have moved lower early...>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries have moved lower early Tuesday but not quite as much
as might be expected given another rally in stocks (S&P eminis up 1.2%).
- Jun TY futs down 1.5/32 at 138-19.5; tight range (L: 138-17 / H: 138-23)
- No headline catalyst: have seen usual correlations break down with Govvies
remaining supported, USD weaker and gold/oil stronger simultaneously. Some point
to month-end dynamics but not clear.
- The 2-Yr yield is down 0.9bps at 0.2131%, 5-Yr is down 0.2bps at 0.4019%,
10-Yr is down 0.2bps at 0.6587%, and 30-Yr is down 0.9bps at 1.2471%.
- Mixed on corporate earnings front, with several big names withdrawing 2020
guidance (3M, Pepsi). Equity market unfazed. 
- The two-day FOMC meeting gets underway today (we sent out our preview late
afternoon ET Monday, contact us if you'd like to see it). 
- In data, 0830ET is advance goods trade/inventories for March. 1000ET sees Apr
Conference Board confidence and Apr Richmond Fed Mfg Index.
- In supply, 1130ET sees $22bln in 2-Yr FRNs auctioned, with $35bln in 7-Yr Tsys
selling at 1300ET.
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