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Tsys trading mildly lower but near.....>

US TSY FLOWS
US TSY FLOWS: Tsys trading mildly lower but near top end of late overnight range
(after holding lower/narrow range through Asia and early London trade), decent
futures volume (TYH>365k), yld curves flatter. Tsy move coincided w/curve
flattening rally in Bunds post German CPI data.
- Equities firmer but paring gains (SPX currently +11.5, 2506.5). US$ index
adding to Thu's drop (DXY -.232 at 96.249). US$/Yen lower, -.72 at 110.29.
- Modest two-way flow in wings, program selling 5s, prop and foreign acct buying
10s. Better buying short end Eurodollar futures post 3M LIBOR set -0.0060 to
2.7970% (-0.0246/wk).
- Swap spds running mixed, short end narrowing over last half hour on decent
receiving in 2s, sources noted  receivers in belly overnight, light paying in
long end. 
- Tsy cash/ylds: 2Y 99-28 (2.560%), 5Y 100-01.75 (2.612%), 10Y 103-03 (2.763%),
30Y 106-17.5 (3.039%)

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