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Tsys continue to bump around the....>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys continue to bump around the top a wide range, a few ticks
below late overnight highs by the second half. A lot of missed opportunity for
anyone that opted to take an extended holiday (poor liquidity on return from
extended holiday, others plying sidelines ahead heavy data this wk, NFP Fri,
+194k est).
- USD index higher (DXY +0.462, 94.880; US$ vs. Yen -0.84, 108.58); stocks
crumble (emini -34.5, 2683.75); gold firmer (XAU +2.36, 1300.47). West Texas
crude adding to last wk's rout (WTI -1.31 to 66.57).
- Rate rally (potentially) over their skis in reaction to Italian political risk
that spurred heavy safe-haven/risk-off buying in Bunds and Tsys. No deal-tied
flow, HEAVY Jun/Sep futures rolling inflating volume (TYM>4.6M; TYM/TYU>1.6M),
heavy option volume favoring upside calls/bull spds. Vol index VIX climbs to
17.73. Rate hike probability retreating, June only 72%, w/Dec close second at
64% after both tapped 100% last wk. 
- Tsy cash/ylds: 2Y 100-08.2 (2.365%), 5Y 100-19 (2.621%), 10Y 100-20.5
(2.801%), 30Y 102-22.5 (2.987%).

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