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Morning Comments

Despite horrible employment numbers stateside, bond prices are headed lower as traders brace for a huge US Treasury refunding next week.

 Libor continues to fall, another 10 basis points to 2.29% bringing the decline to 200 beeps in a month.
On the new issue front, Enbridge got a deal done at 265 over.
The cards are stacked for further rate cuts in North America, most likely another 50 beeps before Christmas. 

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