Beyond Fri (11/26th) early close, thinking about month-end EXTENSIONS -- MS says IN LINE
**BEYOND FRI EARLY CLOSE (and how 1p is the new 2p as we’ve all become comfortable this year with 4p became the new 3p), MS offers this on index extensions
"November Index Extensions ... USTs: We expect the 1y+ UST index to extend by ~0.11y, in line with an average November (0.106y) but higher than an average month (0.085y) ... We expect the 1y+ UST index to extend by ~0.11y, in line with an average November (0.106y) but higher than an average month (0.085y) – Exhibit 7. A total of about US$319bn of supply (offered amount) will affect the extension, and US$262bn market value of bonds will fall out of the index. The monthly issuance of 2y, 3y, 5y, 7y, 10y, 20y, and 30y will affect the respective maturity-wise indices…”
In line but higher than avg. See whatever you WANT. MS context: