It has been a limited session for Tsys,.....>

US TSYS: It has been a limited session for Tsys, with T-Notes sticking to a

tight range and yields marginally higher across the curve at writing. A soft

Chinese Caixin manufacturing PMI put a bottom on the space.

- Xinhua noted that "trade talks (between the U.S. & China) made important

progress." The article described the talks as "candid, specific & fruitful." The

wire has gone on to reiterate that China will buy more U.S. energy &

agricultural goods, although it is a little more vague on the IP front, stating

that the 2 countries will improve IPR co-operation.

- Notable option activity as follows: TYJ9 121.50 puts paper paid 0-14 on

~10.3K.

- Eurodollar strip trades unch.-1.0 tick lower across the whites and reds.

Notable options flow: EDU9 97.250/97.125 put spread paper paid 0-03 on 2.0K.

- Notable Fed Funds flow: FFJ9K9 paper paid -0.005 on 12.1K.

- T-Notes last 122-16, U.S. 10-Year cash Tsy yields last 2.629%.