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*** Tsys trading weaker/just off....>

US TSYS SUMMARY: *** Tsys trading weaker/just off late overnight lows, gold
weaker (XAU -2.68, 1335.75), equities higher (emini +9.5, 2792.0) -- Grand Old
risk-on move -- US gov shutdown concerns (midnight Friday)? What shutdown
concern?? Dallas Fed Kaplan expects 3 hikes in 2018 but warns more may be needed
to prevent overheating economy WSJ reported this morning. GS earnings miss.
- Asia, Tsys opened steady/mild bid, gaining briefly before foreign accts
started selling intermediates, bank portfolio and real$ selling long end into
London open. US$ mixed but generally higher.
- London, Tsys held lower range in early London hours, sources reported better
prop and bank selling in 5s and 10s, real$ sold 30s, deal-tied flow in the mix.
- Swaps, spds running mixed, spd curve mildly steeper despite real$ receiving in
30s (rate and spd). Other flow includes
- Eurodollar futures, trading weaker/off late overnight lows, recent spd buy 20k
EDU8/EDH9 0.185. Greens through Golds underperforming. 3M LIBOR +0.0051 to
1.7392% (+0.0177/wk), highest since late 2008.

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