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BMO's Ian Lyngen and Aaron Kohli...>

US TSYS/RESEARCH
US TSYS/RESEARCH: BMO's Ian Lyngen and Aaron Kohli said US Treasuries market
"sold off rather sharply on Monday in a classic retracement, following Friday's
rally that brought 10-year yields down to 2.016%. While we're content to
attribute some of the move to Treasury supply and corporate deal activity, we'll
lean more heavily on the technicals and the price action itself as portending a
correction of this magnitude."
- They add the "technical nature of the move suggests that it doesn't represent
a material rethink of the broader risks facing the outlook, and was instead
simply a function of positions, profit-taking, and the process of establishing
another volume base as the market attempts to find equilibrium ahead of next
week's FOMC meeting."

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