Well offered all session, US rate......>

US TSY FLOWS: Well offered all session, US rate action rather muted on moderate

volume (TYZ breached 1M after the bell), many near the sidelines ahead Wed's

multiple policy annc (FOMC, BoC, BoJ), and lead-up to Fri's employment report. 

- Risk-on drivers: Tsys sold off in early London trade as EU agrees to Jan 31

Brexit extension. UK Parliament vote rejected PM Johnson's third call for early

election after the NY close.

- Carry-over risk-on gained momentum after equity open, Tsys chopped to new lows

as equities climbed to new all-time highs (ESZ9 3042.75) as Pres Trump suggests

Phase I US/China trade pact will be signed at APEC event in Chile on Nov 16-17.

- Despite rate sale, short end continues to reflect likelihood of third rate cut

at Wed's FOMC annc. Flow included better selling in 10s-30s, fast$ and prop

accts, program selling short end, deal-tied selling 3s-10s.

- The 2-Yr yield is up 2.6bps at 1.6435%, 5-Yr is up 4.4bps at 1.6635%, 10-Yr is

up 5.1bps at 1.8455%, and 30-Yr is up 5bps at 2.3369%.