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Tsys were trading higher into the......>

US TSY/RECAP: Tsys were trading higher into the bell, albeit on light volume,
with the curve sitting a touch flatter on the day.
- The latest 30-Year auction tailed by 0.3bp, with the cover ratio easing to
just below the prior and 6-auction average. Looking at the breakdown, dealer
takedown edged higher, at the expense of direct bidders.
- Data had little impact on the space, with more focus on the pressure on EM FX.
- Fed non-voter and dove Evans spoke, noting that 1 or 2 further hikes is
reasonable by year end, as U.S. fundamentals are extremely strong. Evans also
believes that inflation has returned to near the 2% target and deems it likely
that it will remain there. Evans is a voter in 2019, and suggested that debate
over whether to pause or continue with hikes will come under intensified debate
next year as the Fed approaches neutral.
- Focus on U.S. CPI & U.S. wage data on Friday.
- T-Notes last at 119.24, U.S. 10-Year cash Tsy yields closed at 2.926%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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