And JPM analysts said today's 1pm $24B...>

US TSYS/3Y: And JPM analysts said today's 1pm $24B 3Y auction "should be

digested without a problem" as markets are "pricing in approximately 90%

probability that the Fed will tighten by 25bp at the December 12-13 FOMC meeting

and little in the way of first-tier data over the coming week."

- They added that "since the October auction, 3-year yields have risen by 7bp

and are trading near their highest levels since early 2010, as markets have

priced in more Fed tightening in coming years."

- They add that "along the curve, the 3-year sector appears fairly valued

relative to the wings, after adjusting for the level of yields and the shape of

the curve. Additionally, the WI 3-year roll" was "outperforming the erosion of

carry."