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USTs have lacked direction for......>

US TSYS SUMMARY
US TSYS SUMMARY: USTs have lacked direction for most of the day, while holding
below yesterday's closing levels.
- UST cash yields are broadly 1-3bp higher across the curve with the belly
slightly underperforming. Last yield levels: 2-year 0.1642%, 5-year 0.3131%,
10-year 0.6791%, 30-year 1.4318%.
- The Sep-20 UST future trades at 138-30, towards the bottom end of the day's
range (138-23+/130-05+.
- The Fed minutes published today revealed that officials favoured more explicit
forward guidance, with some wanting guidance tied to inflation overshooting.
Most officials also wanted more clarity on asset purchases. All Fed officials
wanted further investigation of yield curve control measures.
- Before the Fed minutes were published the most eye-catching development today
had been the hefty revision of the May ADP employment change figures (to +3065k
from an initial estimate of -2760).

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