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EDU2/Z2/H3 Fly Given


TYF2 132.00 Calls Still Being Lifted


USD Pares Early Losses, JPY Struggles

Tsys trading mixed into the close,.....>

US TSY/RECAP: Tsys trading mixed into the close, month end flurries with a slug
of TYZ at 124-30 (-2.5/32) after the bell, hearing sales. No real imbalances,
Tsy sets' look in-line with late price action so far. Curve flatter w/long end
outperforming. Quiet month end, start of two-day FOMC policy meeting (no
shake-up expected Wed, rate hike in Dec largely priced in). - Relatively low
volume day (TYZ<1.25M), low open volume w/Germany out on holiday. 
- Limited react to 3Q ECI +0.7% as expected, US Redbook Oct store sales -1.3%,
US Aug Case Shiller home price index +0.5% m/m and strong Oct Chicago PMI number
of 66.2 up from 65.2 in Sep. Carry-over support after bid developed in Euro
- Modest two-way on day, relative value and month end buying vs. FX-tied sales
as US$ climbed vs. Yen. Deal-tied flow in the mix. Two-way position squaring
ahead Fri's NFP (315k est vs. -33k in Sep)
- Powell leads replacement Fed chair poll at 90% ahead of expected announcement
by US Pres. Trump Thu. Taylor pick likely to roil mkt/bear flattening rates.
- T-Notes last at 124.27+, 10-Year yield last at 2.385.