A limited re-open for Tsys after.......>

US TSY/RECAP: A limited re-open for Tsys after Friday provided a quiet end to a

busy week, with rates bid but closing off their midday highs as the belly

outperformed.

- U.S. gov't shutdown continues.

- Friday saw carry-over two-way flow after rates kicked off bid, real-money &

official acct buying, early prop & fast-money selling shorts to intermediates,

bank buying 10s. Fast-money, prop a/c selling/unwinding late.

- Cash markets are closed until the London open with Japan observing a national

holiday.

- Heavy late session selling was noted in Eurodollar Red packs (-5k), Red Jun20

1-Year bundles (-15k), likely swap tied as 2-Year spread expanded to session

wides late.

- Fedspeak to the fore this week, with Williams, George, Kaplan, Kashkari,

Harker & Quarles due throughout.

- T-Notes last 122.00+, U.S. 10-Year cash Tsy yields closed at 2.701%.