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Tsys have drifted slightly higher...>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys have drifted slightly higher in overnight trading, but
little directional impetus really and a mere 4.5 tick range in TYU0 (alongside a
paltry 140k volume as of 0640ET).
- Modest bull flattening: 2-Yr yield down 0.6bps at 0.1798%, 5-Yr down 0.8bps at
0.3241%, 10-Yr down 1bps at 0.6758%, 30-Yr down 1.7bps at 1.4172%.
- Sep 10-Yr futures (TY) steady at at 138-29 (L: 138-26.5 / H: 138-31)
- Stock futures pared almost all of Thursday's late gains at one point in the
European session, but have recovered to flat on the session. Bank stocks poised
to open lower after Thursday's Fed decision to cap buybacks/dividends.
- Slow day for newsflow, and European data was second-tier. May Personal
Income/Spending eyed at 0830ET, and final Jun Michigan sentiment at 1000ET.
- State COVID data likely in focus again today.
- No scheduled Fed speakers, no Tsy supply. NYFed buys ~$8.8bln in Tsys.

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