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Very quiet start to the week,.......>

US TSYS SUMMARY
US TSYS SUMMARY: Very quiet start to the week, Tsys drifting off session lows
heading into midday, curves extending to new 10+ year lows. Tsys opened
w/risk-on tone w/equities higher -- likely due to the limited response/react
from Syria, Russia after US/French/UK coordinated missile strike against Syrian
chem sites.
- US$ index lower/off lows (DXY -.339, 89.461); equities pushing higher (emini
+25.75, 2683.0); gold firmer (XAU +2.70, 1348.20); West Texas crude weaker (WTI
-.85, 66.53).
- With the wick of geo-pol sensitivity never far from being lit, early focus
turned to data, Mar retail sales +0.6%, stronger than analysts' exp +0.3% and
whisper exp +0.2%. Tsys drifted off lows following the better than expected
data, fast$ covering during brief participation vacuum. Early FX-tied sales in
10s carry-over from overnight. Little react to Fed Dudley comments.
- Rather decent corp issuance (awaiting details on Citi, JPM) generating early
hedging. Light two-way swap flow w/spds running mildly tighter, 2s and 10s
leading. Decent Eurodollar put buying, targeting Dec 18.

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