A quiet start to the week, with.....>

US TSYS SUMMARY: A quiet start to the week, with Tsys largely flat Monday.

Little data flow (today or all week) means most attention paid to developments

on the trade front, with high-level China-U.S. talks beginning Thursday.

- Modest risk-off bid on BBG report that Beijing is reluctant to strike a broad

trade deal with Washington. Looks like wait-and-see for now.

- Curve mixed: 2-Yr yield is down 0.4bps at 1.3995%, 5-Yr is down 0.8bps at

1.3389%, 10-Yr is down 0.2bps at 1.5272%, and 30-Yr is up 1bps at 2.0252%.

- Tight range: Dec 10-Yr (TY) down 3.5/32 at 131-25.5 (L: 131-24/H: 131-31.5).

- Fed's Rosengren told MNI that he "sees a standing repo facility among options

to address squeezes in repo markets." Contact us for full story.

- Fed's Kashkari is due 1020ET, with brief remarks from Chair Powell also slated

at 1300ET (though the latter is at a movie premiere in Salt Lake City).

- Large ED blocks of note: EDX9 98.25 Calls sold at 5 in 20k; EDX9 98.00/97.875

put spread bought for 1.5 in 40k; EDV9 98.125 put sold at 1 in 26k.