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Treasuries are trading weaker.......>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries are trading weaker this morning as the market moves
into the refunding auctions. 
- European trading has seen a steady bleed lower in the T-note futures contract,
rather than anything spectacular and Treasuries are underperforming the German
market and other EGB curves.
- Action is futures-led and the 7Y section of the curve has seen the most
aggressive rise in yields. The front end of the curve is better bid and the swap
spread curve flattening seen yesterday is evident once again in Europe. The 2Y
spread is 0.4bp wider and the 5Y and onwards is flat.
- There was some early and large 2Y note rolls this morning: -19,550 TUZ7/TUH8
at 04.75 -- first notice day for TUZ7 is Nov 30.
- Supply starts with the 3Y later today and continues with the 10Y and 30Y on
Wednesday and Thursday respectively. There is a JOLTs report out later.
The 10Y note yield is currently 1.6bp higher at 2.332% and 2-10Y curve 1.2bp
steeper  at 70.8bp.

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