Tsys trading weaker, near low-end......>

US TSY FLOWS: Tsys trading weaker, near low-end moderate overnight range on

decent volume (TYZ>510k), yld curves mildly steeper. US$ bouncing back to

steady/near middle of range, equities weaker, gold softer. Recent block buy >5k

FVZ at 112-26 -- buy through 112-25.75 post time offer -- helped spur bout of

short covering.

- Wk ahead should be rather quiet due to the Thanksgiving holiday market closure

Thursday followed by an early close Friday. Salient data releases in the week

ahead include Housing Starts early Tuesday followed by Home

Sales midmorning Wednesday, as well as Durable Goods.

- Overnight flow included two-way early Asia hours, better selling in

intermediates to long end into London crossover. Two-way in 2s-5s and 10s,

sellers in long end include real$ and swap accts. Light steepener action, light

roll volume in Dec/Mar after interest picked up late last week. 

- Tsy cash/ylds: 2Y 100-03.25 (2.818%), 5Y 99-28 (2.900%), 10Y 100-09 (3.090%),

30Y 100-13 (3.353%).