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Tsys trading mildly higher, long end...>

US TSY FLOWS
US TSY FLOWS: Tsys trading mildly higher, long end catching up with
intermediates more recently, yield curves steeper (2s10s +11 since Nov 9 lows
(44.0L, 55.30H); 5s30s +13 since Nov 9 lows (32.7L, 46.40H)).
- Quiet rebound after a softer open, initially triggered after US$/Yen dropped
to new session lows (112.43). Also underpinning rates, equities extended an
early sell-off (SPX down to 2686.5) partially due to weak tech shares.
- Limited data to react to (NAHB housing mkt index dropped 8 points to 60), many
liquidity providers near sidelines ahead Thu's Thanksgiving holiday closure,
early close Fri. 
- Mild deal- and option tied hedging. FVZ Block buy-through ( 112-26,
buy-through -25.75 post-time offer) helped get rebound rolling in first half.
2s10s steepeners/flattener unwinds, prop and real$ buying 5s and 10s in second
half. Tsy cash/ylds: 2Y 100-05.75 (2.777%), 5Y 100-01.5 (2.863%), 10Y 100-18
(3.057%), 30Y 100-31.5 (3.322%).

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