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Tsys Pare Early Losses As Eqs Tumble

US TSYS

Tsys trading weaker by the close, off midmorning lows after a brief risk-off move as equities tumbled. Inside ranges for rates and equities while Oil and crude climbed, WTI tapped 78.38 high.

  • No apparent headline driver, but underlying risk-off tone continues ahead Fri's Sep NFP data (+450k est vs. +243k prior). That's not to say there were no headlines that underscore the risk off tone, just nothing new to spur the midmorning moves.
  • Headlines such as U.S. WILL ENFORCE COMMITMENTS CHINA MADE IN PHASE-ONE DEAL (Bbg), CHINA RUNNING ABOUT $5B SHORT ON AG BUYING. COMMITMENTS (and ongoing reports of China military jets flying through Taiwan defense zone either dropped over the weekend or are ongoing.
  • Session rate flow included two-way in short end from fast$, real$ selling in 10s, swap-tied buying in 2s. Modest deal-tied hedging in 3s-5s.
  • Tsy Sec Yellen and Chicago Fed Evans will be interviewed on CNBC early Tuesday (0730ET and 0830ET respectively). Data on tap: Trade Balance (-$70.7B), Markit US Services and Composite PMIs, ISM Services Index (60.0).
  • The 2-Yr yield is up 1.4bps at 0.2776%, 5-Yr is up 1.6bps at 0.9441%, 10-Yr is up 1.7bps at 1.4789%, and 30-Yr is up 1.8bps at 2.0463%.
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