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Underlying Risk Factors Remain

US TSYS SUMMARY
US FI markets moderately firmer at the moment, Tsys scaling back from late overnight highs to near middle of range (10YY 1.5711% last vs.1.5500%L), equities moving lower as well (ESM1-11.0). Modest volumes: TYM under 290k at the moment.
  • Modest unwind does not appear headline driven at the moment as underlying global risk factors continue: US/Russia tensions tied to Ukraine border troop build not to mention calls for mass protests over Kremlin opposition leader Navalny's health while incarcerated, J&J vaccine news.
  • Very quiet start to week for scheduled data after Fed entered media blackout regarding monetary policy through Apr-29, no significant data Mon-Tue. Bill auctions ($57B 13W, $54B 26W) and NY Fed Buy-back (Tsy 2.25Y-4.5Y, appr $8.825B) on tap.
  • Rate-locks in the mix ahead continued corporate supply as banks continue to exit latest earnings cycle, Citi expected this week.
  • The 2-Yr yield is down 0.4bps at 0.1572%, 5-Yr is down 0.8bps at 0.8227%, 10-Yr is down 0.9bps at 1.5711%, and 30-Yr is down 0.9bps at 2.2558%.

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