A very muted end to the Asian week for......>

US TSYS: A very muted end to the Asian week for core FI, with T-Notes sticking

to a tight range, last -0-02 at 131-22, yields marginally higher across the

curve.

- The standout of the overnight flow was a 25.0K block buyer of the FVX9 119.25

puts, with a further ~15.0K trading on screen.

- Fed Vice-Chair Clarida stuck to the Fed's central message, noting that MonPol

is conducted on a meeting by meeting case and is on no pre-set course, with the

Fed willing and ready to act as appropriate (to sustain the economic expansion).

He wouldn't be drawn on matters such as the standing repo facility.

- Fed Funds price a ~90% chance of a Fed cut later this month in the wake of

yesterday's soft non-m'fing ISM, and a ~50% chance of a further 25bp cut in Dec.

- Eurodollar futures sit 1.5 ticks lower through the reds.

- Fed Chair Powell is due up on Friday, as are Gov. Brainard, Rosengren

(dissenting hawk) & Bostic (non-voter), while the ISM surveys have many pointing

to downside risks for Friday's NFP print.