U.S. Treasuries gave back Friday’s gains early Monday after rallying overnight on the expected “no” vote on the Italian constitutional referendum. Traders anticipate market activity will be dependent on equities as the “risk-on” trade dominates while expected supply adds drag. November service-sector reports were mixed but remained in expansion territory.

The 30-year recently traded 3.111%, from an overnight low yield/high price near 3.007% and a 3.06% close Friday . The 10-year recently was 2.4385%, having traded 2.338% overnight and a close near 2.39% from a 2.3741% high and 2.445% close. The five-year is near 1.8786% after a run at 1.7862% and 1.83% Friday. The two-year has outperformed, trading 1.1398 from 1.0758% overnight and a close near 1.115%.

The curve trade has leaned along a steeper slope with the yield spread between the two- and 10-years near 1.30 plus from 1.27 plus Friday, holding near the widest gap in a year. The five- and 30-year yield differential is little changed to slightly steepened near just over 1.23.

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