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Wells Fargo senior strategist........>

US TSYS/STOCKS
US TSYS/STOCKS: Wells Fargo senior strategist Boris Rjavinski and head of rate
strategy Mike Schumacher expect a month-end need to sell bonds/vs. buy stocks.
They eyed month-end portfolio adjustments and said "ongoing steady inflows into
Treasuries are boosting risk that volatility may jump in the coming months, when
more clarity on the Fed's balance sheet plan, fiscal stimulus, and government
borrowing needs emerges later in 2017." 
- They add that "investment grade bond indices modestly outperformed equities,
except for EM stocks" so "consequently, we estimate that U.S. pensions will need
to shift about $4 billion from bonds to stocks into month-end." 
- They said too "flatter (US) yield curves compressed carry in the front-end,
especially for mandates with shorter holding periods. 2022-2023 sector looks
attractive on carry/total return basis and seems to enjoy steady sponsorship
from asset swap buyers."

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