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Treasuries saw choppy morning.......>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries saw choppy morning trading, then a quieter range
amid various curve trades, front end sales, 10-yr note futures sales, then some
front end dip buying. Tsys began NY weaker as 5Y, 7Y underperformed while 2Y,
30Y off comparatively less. Tsys then hurt as NY Fed Dudley said "no reason"  US
expansion has to end of old age, said Fed on path for three 2017 rate hikes. 
- Tsys then had cross flows: heavy selling in TYZ 10Y futures: over 50K sold
from 125-02.5 down to 125-01.5. Stops hit on midmorning downturn, as longs threw
in the towel. Sources cited fast$, real$ sellers in 5-30s, insurance portfolio
sales in 10Y, 30Y and flattener unwinds too. 
- Moderate high-grade corporate bond issuance. Mild FX-tied sales earlier as US$
rose. 
- Swap-accts relatively quiet, some receiving/payer unwinds in 10s earlier,
flurry of receiving in 5s, 7s and 10s, with some 2s10s spd curve flattener
unwinds on the follow. 
- Traders awaited word on Thurs Fed Chair Yellen meeting with US Pres. Trump;
little other focus as next Fed Chair news awaited.

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