We have a lot of data crammed into this short week with a half day on Friday and a closed marketon Thursday. This week we get data on house prices, manufacturing, durable goods, income/spending and GDP. The Markit PMI services index posted well over breakeven at 58.9 in September vs. 58.5 at mid-month and 59.5 in final August, and consensus for the first November release is for a slight dip to 57.3. This morning the Treasury will auction $28 Billion in new 2-Year notes at 10:00 AM (PST). Treasuries are down for the first time in three days ahead of today’s 2-Year noteauction and tomorrow’sGDP print, and the curve has bear steepened with 2s10s up +0.5 bps.
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