By the Numbers

UST curve advancing sellers. The Bond contract took the brunt with 48,000 net short. This quantity hasn't been seen since last summer before Europe vaporized.

PDs, we tweeted this morning, reduced shorts marginally.

Banks moved up size on MBS by11.3B. "Cash" assets jumped up by 46.6B

Oddly, retail was quiet. Bond and Equity mutual fund flows were up 3B and 1B respectively.

Japanese were net sellers to the tune of about 14B. The domestic tragedy unfolding slowly.

Some movement on the curve in today's session should have reduced some short exposure given the risky weekend. Repo rates next week with new supply should give a good indication of commitment.

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