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Treasuries saw zig-zag trading: dip.........>

US TSYS
US TSYS: Treasuries saw zig-zag trading: dip buying after a brief blip lower on
firmer than expected 3.0% 3Q  GDP, 1.3% core PCE price index (vs. 0.9% 2Q); 10Y
yield is at 2.465%, which compared to the session high yield of 2.477% hit at
3:38am ET and session low yield of 2.445% hit last night at 8:44pm ET. Tsys
traders had warned that short-covering would occur as the day went on, and that
appeared to be happening. 
- Tsys meanwhile saw 2/30Y, 5/30Y curve flatteners done. 
- US$ high-grade corporate bond issuance includes potential Santander UK
11Y/NC10Y Fixed to FRN from holding co. and 3Y/FRN combo from operating company.
- MBS spreads traded weaker. 
- Canada short and intermediate govt debt outperformed Tsys. 

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