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Tsys rotated in mostly..............>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys rotated in mostly lower/narrow range Tuesday, quiet
session w/no Fed speakers and limited second-tier data ahead Wednesday's May
FOMC minutes. Tsy correlation to US$ remained strong w/ little else to trade off
of.
- Futures shifted lower as US$/Yen bounced to 111.04, but pair receded to 110.98
w/Tsys holding range. Equities took hit/pared gains (emini -2.0, 2731.0 vs.
2741.75H). Traders chalked up muted two-way chop to position squaring ahead
extended holiday weekend. 
- Upsized $33B ($1B larger than April 24 auction) 2Y awarded a 2.590% rate vs.
2.595% WI going into auction (2.498% previous, 1.715% avg) w/bid/cover 2.88 vs.
2.61 previous (2.85 avg). 
- Corporate debt issuance remained muted ($1B #US Bank NA 2-part), Jun/Sep Tsy
futures roll accelerated
- Tsy cash/ylds: 2Y 99-20 (2.570%), 5Y 99-09.75 (2.899%), 10Y 98-12 (3.063%),
30Y 98-12.5 (3.208%)

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