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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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The 10Y US Treasury market..........>

US TSYS SUMMARY: The 10Y US Treasury market remains steady to lower this morning
in London, but off session lows due to soft Eurozone CPI data. There isn`t much
in the way of large volumes in the 10Y Bund market due to the Reformation Day
holiday, which has led to a largely choppy morning possibly affecting the
Treasury market as well. 
- There have been some swap flows today with a 2-10Y steepener and 8-9-10Y swap
fly with paper receiving the belly.
- The 2Y yield is trading at 1.1.580%, the 10Y yield at 2.370% and the 30Y at
2.883% according to Tradeweb. The 5-10Y part of the yield curve is slightly
flatter with the 5Y and 7Y underperforming slightly.
- In terms of economic data in the US, the Employment Cost Index is due to be
released at 1230GMT, the Conference Board (CB) Consumer Confidence for Oct at
1400GMT and the MNI Chicago Report at 1345GMT.     

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