The 10Y US Tsys yield has climbed...>

US TSYS SUMMARY: The 10Y US Tsys yield has climbed marginally this morning by

1.8bp to 2.371% with Bund yields also trading higher. Trading remains relatively

thin as markets prepare for the holiday period with low volumes. 

- There were reports on Sunday that said top Republicans expected to pass the

tax code this week, with a senate vote as early as Tuesday and President Trump

aiming to sign the bill by the end of the week.

- 5Y to 7Y part of the Tsys yield curve has slightly underperformed in early

European trading. The 2s5s 32.5, +0.4; 2s10s, 52.2, +0.3; 2s30s, 84.8, -0.5;

5s10s 19.9, -0.1.

- There were some small US swap flows reported early this morning mainly

flatteners in 2s10s and 12s30s while there was receiving in the belly of

5Y-7Y-10Y fly. 

- There was little to no reaction to Eurozone final Nov CPI that came in

unrevised at 1.5% y/y. 

- In terms of data, the US NY Fed Business Leaders Survey will be released at

1330GMT and at 1500GMT the US NAHB Builder Index will cross the wires.