summarise in 200 characters:

Treasuries bull steepened today with the market well bid from the early morning, perhaps on some early month end flows. Dovish remarks from Waller, opening the door for cuts should inflation consistently decline in the coming months, saw a big reaction from the market, with the curve bull steepening and 2yrs breaking below 4.80%. The market settled down around noon, with some concession ahead of the 7yr auction. The $39bb auction tailed 2.1bps with dealers taking an above average 20.3%. Following the auction the buying continued to the close before dying down. Flows saw RM two ways in 2s and 3s, buying 5s and 10s, selling in 30s, while HFs two ways in 2s and 7s. Today was most likely a combination of early month end and reaction to the comments from Waller, who has shifted dovishly. The market has broken through some key levels (4.80% 2s and 4.35% 5s), and ct10 at 4.34% is slightly below the 100D level of 4.36%. market continues to favor steepeners mid-term and will refrain from fading the rally ahead of month end. Tomorrow market gets Mortgage Applications, Wholesale inventories, 2nd look at Q3 GDP, and the Beige Book. Mester will be on tape.

In China IG, slow grinding session again regardless of rates move. Most of the activities has been with the ETF accounts hunting for small size. At these levels, if felt hard to grind much tighter but also didn't see a reason to sell off. Long end become bid-dish again after rates move, but SOE long end still very hard to find. Market had better selling in the afternoon with risk coming out. Sri Lanka approved Sinopec to build a new USD4.5b refinery complex at the Hambantota port, said the energy minister and a media report. 

In China HY, China property theme continues to be thin liquidity and levels going lower on clearing, recent momentum cut short post VNKRLE downgrade and CSCHCN missing coupons. News flow is mixed with more bank talks onshore but investors remain unconvinced with timing an issue as well with year-end coming closer. Macau saw quiet scrappy flows, month end theme looks to be buying in the front end on carry trades and two-way flows in the long end, overall we are trading a touch higher today on the bids with rates tighter. New World stocks still trading lower and have been the case since NWS, bonds are on a similar trend and trading another 0.5-1pt lower as a result. Industrials names are very quiet, some clean up flows overall, leave the bulk of the space unch to -0.5pt. China Vanke plans to issue not more than RMB1.435b 18NP3 onshore CMBS; has received no objection letter from SZSE on 27 Nov. 

In Sovereigns, INDON/PHIL traded firm given rates closing 0.25-1pt higher (1-2 wider). However constructive backdrop with two-way flows but Quasi remains better bid with investors looking to extend duration. SRILAN remains active with some two-way across the long end with real money and some ETF buying in retail amounts across the curve. MONGOL announced a new 350m 5.5y at an IPG of 8.75.

In IG, big rally in rates overnight while flows were initially more two-way before turning better selling in the afternoon. Spreads still fairly resilient and were unchanged to 2bps wider. In Malay RM buying of KNBZMK 26/31, ETF buying new issues vs better selling from RM of PETMK curve. In India better selling of 10yr in BHARTI/EXIMBK today from RM vs light ETF buying. PBs still continue to look for offers. In the Thai space, supply of rare bonds are coming out with PTTEPT 59 coming out both o/n and this morning while PTTTB 70 also made an appearance o/n. Supply in BBLTB 33s surfaced and RM selling SCBTB. In HY, ADANI pretty much dominate the space afternoon with stocks jumped post SC hearing on Fri (Mon India holiday). ADSEZ curve +0.5-1.25pt on the back of HF chasing. Otherwise, marginal better buying seen on the back of month end rebalancing. Levels were mixed ranging from -0.375 to +0.375pt. Trsy 5/10y ~+0.375-0.625pt , CDX -0.19pt

AT1s closed the day about 0.15pt lower, but off the lows as treasuries start rallying again. VMUK was the main outperformer, closing about 15c higher after they announced the tender at 100.00 of their 9.25% GBP issue and an upcoming new deal. Volumes were healthy all day, with some two-way from Asian and European investors and some buying of longer call paper from the US and Canada. Activity mainly in SOCGEN, BNP, ACAFP, INTNED, STANLN, HSBC, LLOYDS, NDAFH, UBS, DB, UCGIM, BNS, BACR and ISPIM.