It has been a rather subdued........>

US TSYS SUMMARY: It has been a rather subdued European session for US Treasuries

as markets wind down ahead of Christmas holidays and the end of 2017. The curve

though has given back some of its steepener move seen overnight with 5s30s 0.6bp

flatter at 56.5bps.

- There have been some swap flows going through, however volumes are very light

with players not seen putting new positions on. Spreads are mixed with 2-yr

0.275bp higher, 5-yr 0.14bp tighter, but 10s and 30s unchanged.

- Eurodollars are a tick lower across the curve, but volume is low as well, with

markets looking ahead to possibility of tax reform being voted through Wednesday

and signed off by the end of the week.

- In terms of data being released later, there are US housing starts and US

current account balance at 0830ET.

- 2-yr US Tsy yield is +0.4bp at 1.832%, 5-yr +0.68bp at 2.174%, 10-yr unchanged

at 2.394% and 30-yr +0.1bp at 2.742%.