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Tsys Off Early Highs, Pressure on Incoming Supply

US TSYS/SUPPLY
  • Tsy futures trading modestly firmer, off midmorning lows ahead this afternoon's $12B 20Y-Bond auction re-open (912810TS7) at 1300ET. WI is currently running around 4.067%, 5.7bp cheap to last month's stop.
  • No obvious headline or flow driver for midmorning dip in rates, could be pressured on the back of corporate issuance yet to be announced.

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