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US TSYS SUMMARY

Edging Higher Pre-FOMC

ITALY AUCTION RESULTS

Specialist tap results

EQUITIES

Stocks Mixed, But Non-Directional Pre-Fed

FOREX

FX OPTION EXPIRY (updated)

T-Notes finished mildly higher on......>

US TSY/RECAP
US TSY/RECAP: T-Notes finished mildly higher on Monday, with the curve running a
touch steeper on the day as the long end underperformed, with 30-Year yields
finishing the session higher.
- Quiet rebound after a weaker open, initially triggered after USD/JPY dropped.
Worry over demand for Apple products weighed on the tech space & broader
equities.
- Many liquidity providers stuck to the side lines ahead of the Thanksgiving
holiday.
- Mild deal- & option-tied hedging. Prop- & real-money buying was seen in 5s &
10s in second half.
- Fed's Williams noted that he expects the Fed to continue its gradual
tightening towards more normal rates in Dec, while noting that the Fed is not on
a pre-set course.
- Housing starts & building permits headline the docket on Tuesday.
- T-Notes last 119.08, U.S. 10-Year cash Tsy yields closed at 3.063%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com