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*** Tsys trading firmer, off........>

US TSYS SUMMARY
US TSYS SUMMARY: *** Tsys trading firmer, off highs on decent volume (TYH>365k),
curves paring back portion of Tue's steepening (2s10s 58.485, -.668; 5s30s
45.820, -.532). US Pres. Trump's SoU address went off smoothly. Month-end
duration extensions, ADP private ADP on tap (+218k whisper, +185k est/Bbg), TBAC
refunding annc at 0830ET, Chicago PMI and Janet Yellen's final FOMC annc.
- Equities firmer (emini +11.0, 2835.5), gold firmer (XAU +4.44, 1342.95), oil
weaker (WTI -0.42, 64.08).
- Asia, rates gained upward momentum after some early chop, held stable/mildly
higher into London crossover, bank portfolios and prop acct buying in 2s and 5s
- London, Tsys notched higher on month-end extension buying, paring gains more
recently. Flow included real$ buying 10s, misc acct sales in long end more
recently.
- Swaps, spds running wider, short end leading move. In line, 2s5s flatteners
noted, 2- and 3Y switches, bank portfolio receiving in 5s.
- Eurodollar futures, mildly higher, short end steady after 3M LIBOR set +0.0043
to 1.7777% (+0.0108/wk).

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