Treasuries have been selling off....>

US TSYS SUMMARY: Treasuries have been selling off (esp at the long end) in the

return from the Thanksgiving holiday, with the curve continuing to steepen.

- Long end weaker in continuation of move from Friday (which started 0900ET) -

circuit-breaker hit in UST Ultras. Not much of a convincing explanation, though

better-than-expected China PMIs seen driving overnight.

- The 2-Yr yield is up 2bps at 1.6321%, 5-Yr is up 4.3bps at 1.6687%, 10-Yr is

up 6.4bps at 1.8397%, and 30-Yr is up 7.3bps at 2.2781%.

- Tsys got a bit of a lift around 0600ET with Tweets by Pres Trump announcing

steel/aluminum tariffs on Brazil and Argentina will resume, and saying that

stock rally of 21% has coincided with China tariff announcement in 2018. 

- Also suggested Fed should act in retaliation for currency `devaluation` by the

likes of Brazil/Argentina: "Lower Rates & Loosen - Fed!"

- Mar 10-Yr futures (TY) down 14.5/32 at 128-29 (L: 128-23.5 / H: 129-09).

- Nov ISM in focus data-wise, alongside Construction spending (both 1000ET).

- Quiet FedSpeak schedule, VC Quarles the first scheduled this week (Wed).