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

US TSYS: A quiet re-open for T-Notes with the contract last +0-00+ vs.

settlement levels, at 132-04+, after it went out higher Tuesday, albeit off best

levels, as the curve bull flattened. Soft m'fing ISM data was the catalyst that

propelled T-Notes to highs, as the metric fell into contractionary territory,

before corporate issuance provided some counterweight.

- The Asia crossover saw Fed voter Rosengren (voted against the cut at the most

recent meeting) stick to script, some headlines showed that he is cognisant of

the potential need for easing if risks crystallise, but that isn't his base

case, and he remains wary of the Fed using up its powder.

- Elsewhere, arch Fed dove and voter Bullard told RTRS that the Fed should "cut

interest rates by half a percentage point at its meeting in two weeks to get

ahead of both financial market expectations for a rate cut and a global trade

war that has become a broader "reckoning" over how the world economy is

organized." This represented a harder dovish stance from Bullard.

- A swathe of Fedspeak is due on Wednesday, with Williams, Bowman, Evans, Kaplan

& Kashkari all due.