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Tsys trading marginally higher,........>

US TSY FLOWS
US TSY FLOWS: Tsys trading marginally higher, scaling back from recent late
overnight highs to near midrange -- all on very light volume (TYH appr 225k,
lowest in weeks for this time of day). Yld curves narrowly mixed. Multiple CB
policy annc' focus -- SNB, Norges already annc's, ECB up shortly (0745ET).
- Salient domestic data highlights for Thursday (estimates): Weekly jobless
claims (215k est); November import/export price indexes; Nov Treasury budget
balance (-$204.0b); $16B 30Y Bond auction.
- UK PM May won confidence vote Wed afternoon -- passing risk event helped
underpin global equities (SPX paring gains ahead ECB, currently +2.5 at 2659.0);
sovereign peripherals tighter (Italy 5Y -13.4 to Bunds); Gold weaker (XAU -2.60
at 1243.06), West Texas crude weaker (-.48 at 50.67).
- Overnight flow included better buying 2- and 5Y cash, light 2-way from fast$
and props in 5s-10s, pre-auction short sets ahead $16B 30Y. Rate paying in
2s-5s. 
- Tsy cash/ylds: 2Y 99-30.75 (2.768%), 5Y 100-17 (2.758%), 10Y 101-29 (2.900%),
30Y 104-13.5 (3.144%).

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