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*** Tsys see-sawed in a.............>

US TSYS SUMMARY
US TSYS SUMMARY: *** Tsys see-sawed in a relatively narrow range following
better than expected Nov NFP +228k (+200k expected), post data chop w/mkt
eventually focusing on average hourly earnings (+0.2%) w/Tsys rising to new
session highs briefly. Little react to Wholesale inv, U-Mich data. Curves
steepened (2s10s +2.049, 57.746; 5s30s +1.163, 63.173.
- Ready sellers into rally revered gains with rates trading lower soon after.
Market action continued to see saw around steady, holding to range set within
first 10 minutes after data release: TYH traded appr 130k in 10 minutes
following release, Vwap 124-09, appr 25k USH w/high volume price of 152-26.
Early interest in 5s30s steepeners for third consecutive session: 2s10s +1.74,
57.437; 5s30s +1.921, 64.032.
- Swap spds mostly wider now, intermediates off early narrows with some moderate
rate paying in 10s. Spd curve remains flatter after better paying in 2s and 5s.
- Implied vols sagging as limited real vol evaporates, decent put volume on
two-way flow,focus on 1H'18 downside/rate-hike insurance. Some unwinds, profit
taking ahead next week's FOMC, rate hike expected.

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