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MS strategists including Matthew Hornbach.....>

BONDS
BONDS: MS strategists including Matthew Hornbach and Guneet Dhingra have a
seasonal theme as they proclaim of the Tsys curve, "T'was flatter before
Christmas." 
- "It appears as if the flattener will steal Christmas for the 4th year in a
row," said the MS team. 
- "Less liquidity into year-end can exacerbate trends that investors have been
fighting, and the flattener certainly falls into that camp," they added.
- And MS strategists add that their BMI(10) (Bond Mkt Index 10) "models are
starting to lean more bullish as well in Europe and Japan;" they expected US
Tsys to flatten into the year-end as noted earlier.

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