JPM analysts Jay Barry and Jason.....>

US TSYS/SUPPLY: JPM analysts Jay Barry and Jason Hunter noted the US Treasury

"will announce end-of-month supply at 11am" today for "auction the following

week. We expect Treasury to announce $26bn 2-year notes, $34bn 5-year notes, and

$28bn 7-year notes, as well as $13bn reopened 2-year FRNS, all unchanged in size

from the last month. We think the 2-, 5-, and 7-year rolls should each open at

+1.0bp."

- They also said that "with markets pricing in greater than a 60% probability of

a 25bp hike at the December FOMC meeting, the IOR/2-year curve at its steepest

level since June, and post-FOMC dynamics suggesting risks of lower yields, we

turn neutral on duration and recommend unwinding duration shorts in the 2-year

sector."