Friday saw a late bounce in the long...>

US TSY/RECAP: Friday saw a late bounce in the long end, which saw the curve

re-flatten on thin volume.

- Rates had rotated into a lower range after mid-day on Friday, well off the

early session highs following the NFP report, with the headline & AHE figures

missing est.

- Early flow was 2-way, with implied vols hammered on the range trade.

- Tsys slipped lower as the DXY moved higher, as the earlier strong buying in

10-Year futures reversed by mid-morning with fast- and real-money selling

apparent.

- Fedspeak from Dudley, Williams, Quarles & Kaplan added little fresh, the same

can be said of weekend comments from George, Bostic & Kaplan.

- Focus on Monday will fall on Fedspeak via Quarles & Bostic.

- T-Notes last at 119.20+, 10-Year yields closed at 2.950%.