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Yields Slip on Early Geopolitical Angst

US TSYS SUMMARY
Tsy yields kicked off August weaker, 10-day lows by midday Monday before retracing appr a third of the move in quiet second half trade.
  • Tsys opened bid, trading steadily higher into noon amid unwinds of late Fri sales. Desks also cited a pick-up in geopolitical risk on Iranian Press TV headlines that the country will "give a strong and crushing response to any measures against its interests and national security" (not unusual rhetoric from Iran and oil prices traded broadly weaker).
  • Meanwhile: RUSSIA SAYS THE UNITED STATES HAS ASKED 24 OF ITS DIPLOMATS WHOSE U.S. VISAS ARE EXPIRING TO LEAVE THE COUNTRY BY SEPT. 3 - TASS. Whatever the reason, stocks traded weaker underscoring the first half risk-off tone on lighter volume.
  • No market react to late hawkish comments from Fed Gov Waller interview on CNBC: "HE COULD BE READY TO MAKE TAPER ANNOUNCEMENT BY SEPT" while the Fed "COULD TAPER AT A FASTER PACE THAN LAST TIME".
  • The 2-Yr yield is down 1bps at 0.1741%, 5-Yr is down 4bps at 0.6505%, 10-Yr is down 5bps at 1.1723%, and 30-Yr is down 4.1bps at 1.851%.
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