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‌‌(M2)‌‌ Trend Conditions Remain Bearish

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US TSY/RECAP: Tsys finished mixed on Monday, with the curve finishing a touch
flatter as 30-Year paper outperformed, while 5-Year paper underperformed.
T-Notes finished near the bottom of their daily range as U.S. equities reversed
their early slump.
- Global focus fell on Brexit matters, with Tuesday's parliament vote delayed &
France rolling out tax breaks & wage increases in response to the recent social
- Decent if not exactly heavy upside call buying was observed in Tsy options,
with conditional bull curve steepeners seen in Eurodollar options (Whites/Reds,
Greens/Golds) all targeting potential rate pause/cuts in 2019 and beyond.
- 3-Year issuance is due Tuesday, with PPI & NFIB small biz. optimism also due.
- T-Notes last 120.20+, U.S. 10-Year cash Tsy yields closed at 2.857%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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