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Treasuries have traded in a.........>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries have traded in a pretty tight range to begin Friday,
albeit on decent volume (311k TY futs), with the long weekend looming.
- Mar 10-Yr futures (TY) up 0.5/32 at 129-05.5 (L: 129-02 / H: 129-06).
- Biggest news overnight was strong China econ data which helped depress the
global FI complex (following the curve steepening seen after the Treasury
announcement of 20-Yr issuance in H120).
- Curve remains steeper: 2-Yr yld -0.9bps, 10-Yr +0.7bps, 30-Yr +2.1bps.
- Risk remains on (S&P Eminis up another 0.2+%) but the downward pressure on
global bonds has abated, particularly after 0430ET when a big downside miss in
UK retail sales boosted odds of a BoE cut, buoying Gilts, Tsys on the follow.
- Decent slate of data Friday ahead of a dearth next week: Dec housing
starts/building permits at 0830ET; then 0915ET sees Dec industrial prod.
- Then at 1000ET: Nov JOLTS and prelim UMich survey.
- The last scheduled FedSpeak before the pre-FOMC blackout period (starts
tonight) comes from Philly`s Harker at 0900ET (we`ve heard from him already this
week), then at 1245ET we get Fed VC Quarles on bank supervision.

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