Core global bonds have witnessed choppy.....>

US TSYS: Core global bonds have witnessed choppy price action overnight,

although their respective ranges have remained relatively narrow.

- Speculation surrounding a Trump-Xi phone call pushed bonds to session lows,

although there was no immediate impact on broader tariff matters, with increased

U.S. tariffs on China now in play, while BBG sources suggested the latest round

of trade talks yielded little to no progress. China has said that it will

retaliate but offered up no details. Talks continue today.

- T-Notes sit around session highs, last 124.04, with cash 10-Year yields at

2.439%.

- Yields are a touch lower across the curve. Eurodollar futures trade unch.-1.0

tick higher through the reds.

- The ongoing trade talks in Washington will likely provide the major headline

risk for global markets today. On the domestic front, U.S. CPI headlines, with

Fed's Brainard, Bostic & Williams all due to speak.