The US Treasury market has..........>

US TSYS SUMMARY: The US Treasury market has largely traded sideways since the US

close. The 10Y yield has oscillated within 1bp of 2.82% level and is currently

at 2.815%.

- Equity markets have quadruple witching in Europe and triple witching in the

US, which should add a little equity market volatility today. 

- For the 10Y yield, according to our tech analysts the Bollinger base (2.803%)

is the key concern. (Yield) Bulls need a close above 2.883% to gain breathing

room and above 2.925% to regain the upper hand.

- Money markets remain strained and the 3m Libor-OIS is at a new multi-year high

of 49bp today. The 5 Jan 2012 peak of 50.5bp is clearly within sight. Lead March

Eurodollar futures and options expire Friday (technically, futures and front Mar

options expire Mon morning at 6:00 am ET while Red through Purple midcurves

expire at 5:00 pm ET Fri). Massive front March open interest (OI) coming into

the session.

- Data is heavy today but third tier: housing starts, building permits,

industrial production, JOLTS and University of Michigan (prov.)