Despite the broad moves in Tsy.........>

US TSY FLOWS: Despite the broad moves in Tsy futures, not much to write home

about as rates unwind some of last week's risk-off support, rate and yld curves

bear steepening. Choppy long end moves (WNZ +/-10-12 ticks at a time) moderate

overall volumes (USZ only 216k, TYZ only 1.16M) after the bell. Equities mildly

weaker, as were gold futures.

- No real data to kick off the new week (July Consumer Credit +$23.3B), Tsys

followed early EGB moves, selling off in early London trade and holding narrow

range until another round of selling in early NY trade. Late summer headline

watching for BREXIT news (SO24 emergency debates after the bell) and of course

any CONCRETE news re: US/China trade.

- Aside from option related trade, second week of month sees ongoing high-grade

debt issuance ($8.4B) Mon, deal-tied hedging adding to fast and real$ selling

across the curve. spd curve flattener unwinds.

- The 2-Yr yield is up 4.3bps at 1.5827%, 5-Yr is up 5.3bps at 1.4855%, 10-Yr is

up 6.8bps at 1.6284%, and 30-Yr is up 8bps at 2.1052%.