Treasuries see curve flatteners done.....>

US TSYS/5Y: Treasuries see curve flatteners done in 2/10Y, 2/30Y, 5/30Y and

3/30Y curves. Academy Securities' Jon Cardilli said the Tsy 5/30Y is now at

+59.8 bps, which is flirting with his "first target of +59.02 bps." 

- Cardilli said "I'm not calling for the end of the flattening move" but the

next target is +54 bps; "I think we can continue to run here," he said.

- From Nov. 21st to Nov. 30th, the 5/30Y curve re-steepened roughly 8 bps, which

is "consistent with what we have seen in the past, when we re-trace steeper,"

said Cardilli, who advised accounts to exit steepeners. He cited active flows

last week flows on swaps and Tsys desks in steepeners, so the "flattening theme

could continue "past his initial target" of 59.02 bps as unwinds get done.