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Tsys see-sawed in a lower range.............>

US TSYS: Tsys see-sawed in a lower range Wednesday, finishing off of worst
levels, as equities continued to recover from last week's pressure. Multiple
factors at play for the apparent risk-on move included month-end rebalancing
flow, which pressured the space into the close.
- Data picked up: with stronger than exp Oct ADP private payrolls (+227k;
smaller than anticipated Sep down-revision to +218k), Oct MNI Chicago PMI little
weaker than expected (58.4 vs. 60.0 est).
- Decent volume belied rather subdued trade with many close to the sidelines
ahead of Friday's jobs report, next week's midterm elections and FOMC (no change
expected from Fed).
- Two-way flow with better sellers on net, prop and fast$ a/c's were buying
intermediates in the late U.S. morning. Modest corp deal-tied hedging &
swap-tied selling was seen in short to intermediates, with decent two-way flow
in 5s.
- Highlights Thursday are m'fing PMI/ISM surveys.
- T-Notes last 118.15+, U.S. 10-Year cash Tsy yields closed at 3.144%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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