Quiet end to the last full trading.....>

US TSY FLOWS: Quiet end to the last full trading week of 2019: Off early lows --

US Tsys mildly weaker by the closing bell amid choppy sideways trade on a fairly

narrow range and certainly light volume (TYH<650) by the bell. Equities made new

highs, active trade heading into quadruple-witching expiration (ESH0 +16.5 late)

- Little to no react to 3Q GDP Unrevised at +2.1%; Nov Personal Income Above

Expected At +0.5% (0.3% Est). 

- No Fed speakers, no deal-tied hedging, and no noticeable react to headlines

for once: "Had a very good talk with President Xi of China concerning our giant

Trade Deal" Trump on Twitter; "FED HAS GOTTEN THE MESSAGE FROM TRUMP TO LOWER

RATES: NAVARRO" Bbg; "ROSS: COULD ADD TARIFFS IF CHINA DOESN'T UPHOLD TRADE

DEAL" Bbg.

- Sizable Block buys: +7,200 FVH 118-10.75 and +6,000 FVH 118-11.75 helped Tsy

futures move off midmorning session lows. Otherwise modest two-way positioning

ahead weekend and holidays next two weeks kept futures in line. The 2-Yr yield

is down 0.2bps at 1.6253%, 5-Yr is down 0.5bps at 1.727%, 10-Yr is down 0.5bps

at 1.9153%, and 30-Yr is down 1bps at 2.3443%.