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A muted re-open for T-Notes, with...........>

US TSYS: A muted re-open for T-Notes, with Asia-Pacific liquidity set to be
sapped by a swathe of regional holidays, while cash Tsys remain closed in the
time zone owing to the ongoing Japanese holidays.
- The contract went out near best levels on Tuesday, supported by month end
buying and a much softer than expected Chicago PMI print, with modest
outperformance in the 3-5 Year sector of the curve observed in cash trade.
- Early European trade saw the space pressured by stronger than expected
regional CPI prints out of Germany (largely attributed to the "Easter effect")
after the softer than expected Chinese PMI data provided support in Asian hours.
- Trump continued his lambasting of the Fed as the central bank's latest policy
meeting got underway, while the President's Fed Governor pick, Stephen Moore,
continues to draw questions from senators on both sides of the aisle.
- Continued focus falls on the EFFR/IOER differential, with increased
speculation of an IOER cut noted as the spread moved to 5bp.
- T-Notes last 123.21+, U.S. 10-Year cash Tsy yields closed at 2.502%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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