A quiet re-open for T-Notes after the.......>

US TSYS: A quiet re-open for T-Notes after the contract went out nearer to the

low of its daily range on Thursday, last dealing +0-00+ at 130-10.

- Thursday saw the belly of the curve outperform with the 2-/10-Year spread

closing at ~0bp after marginal inversion crept in again as market pricing of

"mid-cycle" policy adjustment from the Fed solidified after hearing from Fed's

George & Harker. Late in the day saw comments from non-voter Kaplan, who told

CNBC that he'd "like to avoid having to take further action but I think I'm

going to have an open mind about taking action over the next number of months if

we need to."

- Also worth flagging that the Markit manufacturing PMI moved into

contractionary territory (49.9 in the Aug, P reading).

- Mkt eager for more clarity from myriad Fed speakers including Fed Chair Powell

at the Jackson Hole symposium on Friday. The full agenda to be posted tonight at

01:00 London/20:00 NY on KC Fed site: https://www.kansascityfed.org