The steepener is "definitely a position that everyone loves," Anderson says, but there's a lot at stake over the next few weeks. "You could ultimately be right, but the events before you get there could be extreme and everyone has a limit somewhere."

The macro highlight of the week ahead is the FOMC's policy decision on Wednesday.
The economic calendar:
- Dec. 15: Empire manufacturing; import/export prices; industrial production; Treasury International Capital flows
- Dec. 16: MBA mortgage applications; retail sales; Markit U.S. PMIs; business inventories; NAHB housing index
- Dec. 17: Building permits; Philadelphia Fed business outlook; housing starts; weekly jobless claims; Bloomberg economic expectations; Kansas City Fed manufacturing activity
- Dec. 18: Current account balance; leading index
The Fed calendar:
- Dec. 16: FOMC decision; Powell's post-meeting press conference
The auction schedule:
- Dec. 14: 13-, 26-week bills
- Dec. 15: 42-, 119-day cash-management bills
- Dec. 17: 4-, 8-week bills

—With assistance from Alyce Andres, Edward Bolingbroke & Christopher Condon.

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