Core global FI held to tight ranges in a....>

US TSYS: Core global FI held to tight ranges in a holiday thinned overnight

session, with the U.S., the UK and Singapore closed for business on Monday.

- T-Notes were restricted to limited volumes as a result, with cash Tsys closed

until Tuesday's Asia-Pac session. The space had little outright reaction to

weekend news flow, which was seemingly negative on net (largely Hong

Kong-centric, with continued focus on Sino-U.S. tensions). Contract last +0-01+

at 139-05+, holding to a 0-03 range overnight.

- Eurodollar futures trade unchanged to -0.5 through the reds.

- Focus will continue to fall on Sino-U.S. relations and all things Hong Kong,

with one eye moving to month-end extensions/rebalancing flows. For Tsys, the

former is seen as larger than the recent average, given the re-introduction of

20-Year issuance and record re-funding from the Tsy. While models of the latter

point to flows rotating out of equites and into bonds.