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US Treasuries slipped overnight,....>

US TSYS SUMMARY
US TSYS SUMMARY: US Treasuries slipped overnight, not enjoying Trump's flippant
threat to shutdown the government to get the Mexican wall built. The yen was
also weakening but other risk indicators had a more confused market reaction.
- Trading was very slow to get going in Europe despite strong eurozone PMI data
and a Draghi speech, which unfortunately provided nothing on the current
monetary policy approach.
- Despite President Trump's speech, October T-bills have shown little
underperformance today as the market continues to largely believe that the debt
ceiling will be increased.
- Currently, the 10Y UST yield is 0.6bp higher at 2.22% but it is the 7Y that
has been weakest in the thin trading session today.

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