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Tsys near top end of the range.........>

US TSY FLOWS
US TSY FLOWS: Tsys near top end of the range despite better than expected March
employ data (+196k vs. +175 est). Heavy chop in early trade w/ focus on drop in
manufacturing jobs by 6,000, and wages rising only 3.2 vs. 3.4%. 
- Rates started off weaker w/carry-over risk-on tone from late Thu after China's
Xi called for a quick conclusion to text of a bilateral trade accord w/ U.S.
Midday heads told different story: White House says no timetable for China trade
talks. Equities firmer late, however (SPX +10.5, 2893.25); US$ index firmer/near
high (DXY +.097, 97.405).
- Despite mfg job and wage drop, Eurodlr whites under pressure all day as Fed
rate cut chances eased w/ apparent focus on the jobs creation figure. Moderate
volume trade (TYM only 1.3M) with second half action evaporating quickly.
- Slow start to the week ahead, focus more on midweek CPI and PPI releases. On
tap for Monday: February factory new orders; March Employment Trends Index
(ETI); NY Fed expectations survey for April.
- The 2-Yr yield is up 0.6bps at 2.3433%, 5-Yr is down 1bps at 2.3104%, 10-Yr is
down 1.6bps at 2.4989%, and 30-Yr is down 1.2bps at 2.9079%.

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