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BMO's Ian Lyngen noted that........>

US TSYS/RESEARCH: BMO's Ian Lyngen noted that "with China back from a week long
holiday on Monday and the US and Canada returning today, this truncated week
will prove the first key test of the levels" in Treasuries "approached last week
on the back of the (Sept) payrolls report." He added that "low cash volumes last
night (73% of the 10-day MA) highlight that it will take some time before
investors have had an opportunity to express their views in liquid markets." 
- He adds that "with a plethora of Tier 1 data this week capped by the FOMC
minutes on Wednesday, as well as Retail Sales and CPI on Friday, it's unlikely
we'll have to wait too long for the market's verdict. The backdrop of political
theater in Spain with the Catalonian Parliament meeting today to possibly
declare independence is adding marginally to the bid, and keeping 10-year yields
well off their 2.40% Friday highs, despite generally stronger European data
yesterday and overnight, and multi-year highs in Asian stocks."

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