BMO's Ian Lyngen said today's......>

US TSYS/RESEARCH: BMO's Ian Lyngen said today's ADP private payrolls report

"came in at +237k Aug vs. +201k Jul and +185k consensus. This stronger print has

weighed on the Treasury market with the belly of the curve underperforming,

although it's worth noting that the 2.15% level in 10s appears to be holding.

We'd be buyers between 2.178% (Monday's open) and 2.206% (21-day moving-average)

for a move back to the low yield mark of 2.086%."

- He added that "For context, ADP has shifted from routinely overestimating

private-NFP, to underestimating growth - having now done so in three of the last

four reports by an average of 24k. This implies an impressive +261k print on

Friday. From here, we have" later today "Trump's tax reform speech", he said.

(MNI believes the speech is expected around 3:30pm ET in the Midwest).