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Treasuries shot higher in morning...>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries shot higher in morning European trade after a choppy
Asia-Pac session, with plenty of data/events lying ahead Wednesday.
- Dec 10-Yr futures (TY) up 8.5/32 at 128-25.5 (L: 128-10.5 / H: 128-27.5).
- Tsys have mirrored equity weakness; a bit of risk-off post-Trump's speech
Tuesday, European banks weaker this morning.
- Curve bull flattening: 2-Yr yield is down 3.2bps at 1.6299%, 5-Yr down 5.3bps
at 1.6862%, 10-Yr down 5.9bps at 1.8756%, and 30-Yr down 6.5bps at 2.3517%.
- A busy schedule in Washington, kicking off at 0830ET with October inflation
data; 1000ET House impeachment hearings begin; and of course 1100ET Fed's Powell
@ Congress before Joint Economic Committee. Kashkari up later.
- USTR report due on EU auto tariffs, also worth watching.
- Large bearish ED trades overnight: EDU0 98.00p/98.75c, bought for 4.5
(+put/-call), total 95k. Hearing could be Asia paper hedging long UST position.
- ED strip up 3-4 ticks in Blues and Golds.

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