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Treasuries held a tight lower.......>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries held a tight lower range in quiet summer trading
with 2way muted flows. The market bottomed out amid dip buying at 8:44 am ET at
100-10+, 2.213% yield, after mild selling on firmer 31.8 August Philly Fed
nonmanufacturing activity index. Aug Richmond Fed mfrg index steady at 14. 
- Sept/Dec Tsy futures roll saw roll pace only 4% to 6% done. Sale of 11,700
TYU/TYZ at 9.75 and 6,900 TUU/TUZ done at 3+ and 10,000 FVU/FVZ 5Y futures at
9.25. Then in past few minutes: over 75,000 FVU/FVZ sprds bought at 9.25.
- US SWAPS: Spds compressed, 2-way flow, better 5Y receivers, light deal-tied
flows. 
- $30B 4-wk bill sale tailed: above-avg 74.5% dealer takedown, 20.2% indirect,
small 5.3% directs. World Bank priced $3B 3Y:MS-4; Swedish Export Credit to do
global 5Y. 
- EURODLR FUTRS: Sale of 10,000 Dec'17, 98.57; followed buy of 9,200 Red Mar'19
at 98.27. MBS: firmer. TIPS outperformed nominal Tsys. O/N REPO: Tsy 2Y, 5Y, 10Y
tight. 
- EGBs: Italian BTPs slid, big morning 5Y BTPs seller, potentially hedge fund.

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