Treasuries ended mixed, narrowly....>

US TSYS SUMMARY: Treasuries ended mixed, narrowly steeper after a relatively

narrow range following better than expected Nov NFP +228k (+200k expected), but

less than expected 0.2% Avg Hourly Earnings. Post data chop w/mkt eventually

focusing on AHE, Tsys rising to new session highs briefly. Little react to

Wholesale inv, U-Mich data. Curves began flatter then steepened mildly except

2/10Y 1.1 bps steeper on day roughly. 

- Ready sellers into rally reversed gain, rates lower after. Market seesawed

near steady, holding to range set in first 10 mins after job: TYH 10Y Futrs

traded appr 130k in 10 mins after jobs, Vwap 124-09, appr 25k USH w/high volm px

152-26. Early interest in 5s/30s steepeners but 5/30Y curve steady late. 

- Swap spds mostly wider at close, intermediates off early narrows, moderate

rate paying in 10s. Spd curve remains flatter after better paying in 2s and 5s. 

- Implied vols sag as limited real vol evaporates, decent put volume on 2way

flow; focus on 1H 2018 downside/rate-hike insurance. Some unwinds, profittkg

into Tue-Wed FOMC, rate hike expected. TSYS 3PM ET: 2Y 1.799%, 3Y 1.915%, 5Y

2.147%, 7Y 2.296%, 10Y 2.385%, 30Y 2.776%