BMO's Ian Lyngen quipped, "stop....>

US TSYS/RESEARCH: BMO's Ian Lyngen quipped, "stop us if you've heard this one

before: the Treasury curve continued to flatten, as the Fed's fifth rate hike of

this tightening campaign came into view - roughly a week away. The mix of

economic data did very little to offer any concrete trading direction and, as a

result, the fundamental story reverted to one of a central bank committed to the

removal of accommodation late in a very long economic expansion."

- "To be fair, it was an entirely in-range trade for the 10- and 30-year sector,

although admittedly closer to local low yield marks for the long bond," Lyngen

said. "On the other hand, the price action in the front-end of the curve pressed

yields beyond the cycle highs as any upside in policy rates will be more acutely

felt in the shorter-dated coupons."