Treasuries have ticked steadily.....>

US TSYS SUMMARY: Treasuries have ticked steadily higher on FOMC decision day,

but most attention has been on the plumbing underlying monetary policy.

- Dec 10-Yr futures (TY) up 9/32 at 129-18 (L: 129-07.5 / H: 129-20.5);

mirroring equities edging lower amid modest risk-off pre-FOMC.

- A little bull flattening: 2-Yr yield down 1.4bps at 1.7107%, 5-Yr down 2.3bps

at 1.6344%, 10-Yr down 3bps at 1.7717%, and 30-Yr down 2.9bps at 2.2392%.

- Our Fed preview, out Monday, has already been obsoleted to some degree by

funding market ructions. We'll be putting out a note this afternoon updating

our/sell-side expectations, plus revised 'Human Readable Algo' questions that

better capture what our journos will be looking for in the lockup.

- With 25bps cut seemingly locked in, attention will be on any updates on

balance sheet policy, and forward guidance (including the `dots`).

- More immediately, NY Fed conducts another $75bln O/N repo operation for the

2nd consecutive day at 1315ET. 

- In a couple of hours, we get Tuesday`s EFFR print from the NY Fed.

- Light on data in the meantime; housing starts at 0830ET eyed.