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

US TSYS: A quiet re-open for the space.

- T-Notes finished just off worst levels on Thursday, sticking to a narrow range

in the NY afternoon. Cash trade saw the 5-7 Year sector of the curve

underperform, with yields higher across the curve, although the 30-Year

outperformed.

- Strong factory orders data applied some pressure to the space, although a base

was formed on the back of local Chinese reports pointing to a potential impasse

in the U.S.-China trade discussions; closer inspection revealed a rather vague

assessment based on prior headlines.

- Elsewhere, Trump's Fed pick Moore pulled out of the race for a Governor role.

- It was a relatively quiet session ahead of the latest NFP report, sources

noted banks & real-money accounts selling 10s, with deal-tied sales also

accelerating. Highlight flow-wise came from a TY/Ultra block flattener.

- Fed Funds futures volume remained above the norm on Thursday, with a ~16K

block buyer of FFK9 highlighted.

- T-Notes last 123.07+, U.S. 10-Year cash Tsy yields closed at 2.541%.