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Tsys see-sawing back to upper half.....>

US TSY FLOWS
US TSY FLOWS: Tsys see-sawing back to upper half of narrow range. Despite gain
in rates, tone tentatively risk-on following Moody's late Fri stable outlook on
Italy (while rating downgraded to Baa3 -- better than feared), sovereign spds
generally tighter vs. Bunds.
- Equities trading firmer w/SPX +13.0 at the moment, while China's CSI 300 index
climbs 4.32%.
- Rather decent volume so far (TYZ>420k) for a no data or speaker event day. US
Treasury will auction $45B 13wk and $39B 26wk bills, as well as announce the
details for Tuesday's 4- and 8wk auctions.
- Overnight flow included two-way in short end, fast$ and prop acct buying 5s,
real$ sold 5s and 10s late Asia into early London hours, macro fund selling 10s
vs. swap-tied buying in 10s, spd curve flatteners in 2s vs. 30s.
- Tsy cash/ylds: 2Y 99-22.5 (2.904%), 5Y 99-07 (3.045%), 10Y 97-11.5 (3.188%),
30Y 93-03 (3.368%).

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