A limited re-open for T-Notes, +0-03 at.....>

US TSYS: A limited re-open for T-Notes, +0-03 at 130-24.

- Tuesday saw the contract finish the day higher on a much weaker than expected

m'fing ISM print, which moved into contractionary territory, with the breakdown

looking week. A Brexit related sources piece saw the space back from highs in

late trade, but the positive tones were quickly struck out by EU officials. As a

reminder, a terrible 10-Year JGB auction placed pressure on the space ahead of

London hours. Real money & prop a/c's were reportedly seen buying 10s & 30s.

- Elsewhere, Chicago Fed's Evans continued to reinforce that he's not gunning

for a third rate cut, telling reporters after a Frankfurt speech that the Fed

funds rate is currently at an "appropriate" level. In an earlier speech, he

noted that "within six months, I went from thinking it appropriate to eventually

take policy rates 50bp above neutral to one where 50bp below neutral was in

order." Later he noted that the FOMC median estimate of neutral was 2.5%,

implying that rates now at 1.75-2.00% are at/below neutral.

- ADP employment data headlines the economic docket on Wednesday, with Fed's

Williams, Harker & Barkin all due to speak.