A quiet re-open for the space after Tsys....>

US TSYS: A quiet re-open for the space after Tsys stuck to a tight range on

Wednesday, with T-Notes experiencing decent enough volume. T-Notes ultimately

went out around unchanged levels, with the curve twist steepening at the margin.

- Focus in Asia-Pac hours fell on the stronger than exp. Chinese GDP & econ

activity data. T-Notes then moved away from lows throughout the EU morning,

before coming under fresh pressure on a narrower than exp. U.S. trade deficit,

which saw upward revisions to various GDP trackers. Profit taking then crept in

during the latter part of NY trade, with little reaction to a WSJ source report

which suggested that "the U.S. and China are planning two rounds of face-to-face

meetings as they seek to wrap up a trade deal, with negotiators aiming for a

signing ceremony in late May or early June." Fed voter Bullard & non-voter

Harker offered little new in their addresses. Downside option plays provided the

highlight flow-wise in Wednesday's Asia-Pacific session, with a blocked 2s10s

flattener & 2-Year block buyer garnering the attention later in the day.

- Eurodollar futures trade unchanged to 0.5 tick higher through the reds.

- T-Notes last 122.28, U.S. 10-Year cash Tsy yields closed at 2.594%.