A rangy overnight session, initially........>

US TSYS: A rangy overnight session, initially supported by the risk-off flows

after the U.S. labelled China a currency manipulator. However, the PBoC fixing

USD/CNY sub-7.00 & announcing the issuance of offshore CNH bills in HK stemmed

some of the worry, with global core FI unwinding the early bid & more as S&P 500

futures moved into positive territory. Bear steepening crept in after the early

bull steepening. T-Notes -0-06 ticks at 129-21, back from session lows.

- Worth highlighting the latest tweet from the Editor in Chief of China's Global

Times: "Since the US has imposed tariffs on Chinese goods, the label of currency

manipulator is seriously devalued in its impact. The trade war has been

protracted to now, the US has put the biggest card on table, China is relieved.

Now fight, China no longer expects goodwill from the US." Elsewhere White House

advisor Navarro noted that the first step after labelling China a currency

manipulator is to work with the IMF & that there are countervailing tools the

U.S. can use "to offset Chinese Intervention."

- Fed voter & dove Bullard headlines the economic docket today after Brainard &

George noted that they are monitoring markets closely on Monday.