Since the US traders went home......>

US TSYS SUMMARY: Since the US traders went home yesterday evening, the Treasury

market has traded almost monotonically lower and the 10Y yield is currently

3.5bp higher at 2.378% and showing a bear steepening of the curve. 

- The Asian session rarely shows much activity in the futures market but was

beset by sudden and sporadic high volume sales on a couple of occasions. 

- In European trading, MNI monitoring of the SEF data shows two themes:

receiving short-dated swaps and steepener trades involving the 2 or 3Y as the

long leg. That said, there is a slight widening of 2 and 3Y swap spreads today.

- The 2Y yield has been making new decade highs on a fairly consistent basis

since early September but even though the 2Y is weak today, it has stopped short

of the 1.653% seen yesterday. Currently, the 2Y offers 1.642%.

- Today is Veterans Day. The debt markets are fully open and there is no early

recommended close but activity is expect to be thin. Data is limited to the

University of Michigan consumer sentiment indicator.