In the immediate aftermath of NAPM, a -1.8% drop in personal spending and persistent weakness in construction spending, "system" accounts (model, technical funds) were good outright buyers of bonds. Curve trades played a lesser bid role too. The front-end and belly of the curve continued to underperform amid nagging worries about the shortened composition of growing U.S. debt. But, stocks gained 2-3%, climbing a wall of worry ahead of payrolls Friday following leaks of a government settlement with Microsoft and a sharp rebound in October auto sales thanks to 0% financing incentives. Fed funds futures moved back out to about 37% risk of a half point cut next Tuesday from 30%.