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US TSYS SUMMARY: Tsy futures blew past top end of overnight range on knee-jerk
react to CPI data (July CPI +0.1%, core CPI +0.1%, both below expectations for
+0.2% readings), recedes to modestly higher levels soon after. Geopol-tied
safe-haven bid near abeyance.
- Long end bid evaporated, curve steepened as equities traded higher, FX-tied
buying eases as USD bounced. Flow two-way in 10s & 30s, props, fast- and real$.
- Curve held steeper levels w/long end near session lows midmorning, 2s-10s held
modest gains. Rebound in USD last few minutes spurred selling out the curve.
Sources also reported flattener unwinds, two-way in 5s and 10s, others unwind
longs as equities rebound following steep losses this week, squaring up ahead
- Treasuries consolidated amid long end pressure showing up more in futures than
cash Tsys. Foreign central bank buying arose in US intermediates, paying short
end ahead next wk issuance.
- Limited react to Fed speak, Kaplan and Kashkari both note lagging inflation,