A quiet re-open for T-Notes, -0-02 at.......>

US TSYS: A quiet re-open for T-Notes, -0-02 at 130-20+. Positive "mood music"

surrounding the Sino-U.S. trade talks (or more lack of a breakdown, alongside

the announcement of a Friday meeting between Trump & Liu He), as well as Brexit

dynamics, pressured the space through U.S. hours on Thursday as participants

looked through the latest domestic CPI print. This came after a choppy Asia-Pac

session which saw several source-based reports/tweets cause some

confusion/volatility, as well as heavy volume. The latest 30-Year Year auction

saw direct participation nudge up as dealer participation ticked lower. The

cover ratio held steady, and the auction was virtually on the screws. This

coupled with a brief, sharp, sell off in equities helped to put a base into the

Tsy space.

- Fed's Mester offered little new in her address in the NY/Asia crossover.

Elsewhere, Kashkari & Kaplan also offered little new earlier on Thursday.

- Fed's Rosengren, Kashkari & Kaplan are all due on Friday, with UoM sentiment

headlining the local econ docket. However, it will be Trump's meeting with Liu

He & the ongoing Sino-U.S. trade talks that will garner most of the focus.