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Biding Time Ahead Of The Fed

US TSYS SUMMARY

A very much rangebound session (3 tick range in Dec TYs, 130k volume), with little to catalyze in the overnight session. Of course, we may just be biding time, as it's Fed week - we'll be publishing our full FOMC meeting preview later today.

Dec 10-Yr futures (TY) up 1.5/32 at 139-20.5 (L: 139-18 / H: 139-21). with a flat curve to boot: the 2-Yr yield is up 0.2bps at 0.129%, 5-Yr is down 0.2bps at 0.25%, 10-Yr is down 0.5bps at 0.6609%, and 30-Yr is down 0.2bps at 1.4097%.

Most headlines in Asia-Pac and Europe have been on TikTok's takeover, along with some positive rumblings on COVID vaccines, but nothing really market-moving. S&P futures were up 2.3% from the Friday lows at one point, now a little below those session highs.

No data on the docket. In supply, we get a total of $105bln in 13-/26- week bills at 1130ET.

NY Fed releases its upcoming operational purchase schedule at 1500ET.

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