FTN Financial's Jim Vogel noted US..........>

US TSYS: FTN Financial's Jim Vogel noted US Treasury yields "have returned to

Friday's open, erasing 2017's final-day rally that took 10-yr UST as low as

2.407% into the early close. Stocks continued to fall that afternoon, with the

most intense selling reserved for the closing 30 minutes. The twinned moves had

all the markers of a quick allocation shift, possibly tied to weakness in the

dollar."

- He noted "continued euro strength overnight is adding to fears of decreased

ECB easing in 2018, hurting both bonds and stocks when it should be doing the

most damage to bonds."

- Vogel noted last week, "EU investors were more concerned about the possibility

of more belligerence from N Korea than domestic markets, so there also could be

some trade reversals on more conciliatory New Year's remarks by Kim Jong Un.

There have been no obvious financial market reactions to weekend protests and

violence in Iran. Other news highlights simply extrapolate 2017 trends into

2018."