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Tsys trade weaker by the bell but...>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys trade weaker by the bell but well off session lows, late
rebound as US$ extends losses, large $1.3B+ sell program in equities took
profits after making new all-time highs. Risk-on proves nascent w/global eq's
firmer, sovs vs. Bund tighter, US$ weaker after Pres Trump comments on Fed
policy/lack of accommodation, Yen/Euro manipulation complaints. Modest futures
volume (TYU>1M), yld curve mixed after early dead cat bounce. 
- Relative quiet continued ahead Wed's FOMC minutes, eco-summit start Thu's
night. Dallas Fed Kaplan essay notes flat curve = late in cycle. 
-  US$ index choppy/near lows, DXY -.639 to 95.261; US$/Yen +.35 to 110.42,
US$/Euro +.0093, 1.1574; equities firmer (emini +10.5, 2869.0 vs. 2874H); gold
firm (XAU +2.07, 1192.58); West Texas crude (WTI +0.92, 67.35). 
- Pick-up in Sep/Dec Tsy futures rolling helped bost overall volume; Sep Tsy
options expire Fri w/ongoing put replacement buying in Dec expirys. Mixed swap
flow on light flow, no significant deal-tied hedging.
- Tsy cash/ylds: 2Y 100-01 (2.604%), 5Y 100-03 (2.728%), 10Y 100-08 (2.844%),
30Y 99-29.5 (3.003%).

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