US TSYS: Bull Flatter Ahead Of FOMC, First Cut In Dec

* Treasuries see a light bid in recent trading as the FOMC decision approaches.
* It doesn't notably change the trimming of earlier gains seen after data
including ADP, ISM mfg & JOLTS plus no major surprises in the QRA.
* The paring of gains is more pronounced at the front end, leaving cash yields
2-4.5bp lower on the day for a bull flattening with 2s10s at -36.5bps.
* TYM4 sits at 107-21+ having largely moved sideways since data were digested.

  It's off a high of 107-26 seen with JOLTS and ISM mfg at 1000ET in a move
  that remained within yesterday's range.

* Resistance is seen at 108-11 (20-day EMA) but with the trend needle pointing
south and support at 107-04 (Apr 25 low).
* Fed Funds implied rates show a cumulative 13bp of cuts for Sept, 19bp for Nov
and 29bp for Dec.