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Off Best Levels; Tech Leads Gains Post-FOMC

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BMO's Ian Lyngen said "political...>

US TSYS/RESEARCH: BMO's Ian Lyngen said "political headlines will likely" be the
"driver of Treasury yields" this week "if for no other reason than the lack of
economic data - particularly early in the week. We're open to the risk that when
Yellen speaks tomorrow she further lays the groundwork for a December rate hike
in what could be her final tighten before leaving the Fed at the end of her
term. Chatter on Friday suggested that Warsh is now a serious contender for the
role of Fed chair - we have little insight on the prospects for his assent to
the helm of the FOMC, but will suggest that he would have an easier time during
the conformation process than controversial figures (Cohn for example)."
- He adds that "with better-than-even odds currently priced in for a December
rate-hike, we're impressed with how well the Treasury market trades overall -
particularly in the 10-year sector after yields peaked at 2.287%. At the risk of
overstating the point, we're increasingly constructive on the market as we watch
momentum reverse out of oversold conditions."

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