A very quiet re-open for T-Notes, -0-06+....>

US TSYS: A very quiet re-open for T-Notes, -0-06+ at 131-05, with cash Tsys

closed during the entirety of the Asia-Pac session because of a Japanese

holiday. The staggered resumption in Chinese biz activity on Monday provided a

bid for the space during European & U.S. hours, after a choppy Asia-Pac session.

T-Notes couldn't close above the Asia-Pac highs, after a brief look above (on

German bird flu headlines), fading into the close as equities rallied.

- Belly outperformed marginally on curve, as yields finished 0.8-1.9bp lower.

- Fedspeak saw Daly note that the U.S. econ remains in a "good place,"

suggesting that the coronavirus outbreak hasn't created a material risk for

MonPol. Daly also noted that central banks need to get comfortable using a

bigger toolkit to boost inflation in a slow-growth world & should "embrace"

inflation that's slightly > tgt. Elsewhere, Harker flagged the impact of

coronavirus as "something to watch" but maintained his view that rates are where

they should be amid +ve developments in labour mkts & inflation. Gov. Bowman had

already pointed to a very favourable U.S. econ outlook early in the day.

- Eurodollar futures print unchanged to 2.0 ticks lower through the reds.