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Yld Curves Inch Steeper

US TSY FLOWS

Short well bid, outperforming bonds as yld curves bounce
off early May levels. Trade two-way, subdued ahead FOMC
annc at 1400ET. Desks note some mild rolls into 5s and 7s,
option-tied hedges. "Guessing the Fed is easier strongest
pending home sales since 2006," one desk added.

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