A ltd Asia session, T-Notes in a tight......>

US TSYS: A ltd Asia session, T-Notes in a tight range, last +0-00+ at 129-19+,

yields 0.9-2.4bp lower across the curve & a light bid coming in towards EU

hours. Only flow of note came via a 20.0K TYZ9 130/131/132 call tree block buy.

- Gulf tensions remain apparent, with a widely publicised Saudi-led coalition

airstrike on Yemeni remote-controlled boat & sea mine facilities keeping traders

on edge, rightly or wrongly. This came after a coalition of Gulf nations

intercepted & destroyed an explosives-laden boat launched by Yemeni Houthis.

- Fedspeak is back with a bang today, with Clarida & Williams set to draw the

most attention, while dissenting voter Rosengren & non-voter Kaplan also speak.

- Elsewhere there will be focus on the jnr ministerial level Sino-U.S. trade

talks, with Chinese off'ls set to visit the farm belt after the talks wrap up.

As a reminder WH advisor Pilsbury recently told the SCMP that Trump has been

"remarkably restrained in the pressure he has brought to bear on China in the

trade field. Stressing that "the tariffs can be raised higher. These are low

level tariffs that could go to 50% or 100%." "There are other options involving

the financial markets, Wall Street," he said.