It has been a quiet session for.....>

US TSYS SUMMARY: It has been a quiet session for Treasuries so far, as a

potentially pivotal employment report awaits.

- The Sep 19 T-Note future is unchanged at 126-30, having traded in a range of

126-28 to 127-15. Some modest steepening in the curve, with 2-Yr yield down

0.5bps at 1.8736%, 10-Yr up 0.9bps at 2.1259%, 30-Yr up 0.6bps at 2.6193%.

- Nothing doing in the ED strip either ahead of NFPs, trading mixed (+/-1 tick);

notably Sep/Dec19s are off 2 ticks.

- Near end of the curve off lowest levels, 3M10Y +0.7bps at -18.6bps (L: -20.4),

1Y10Y +0.3bps at 7.6bps (L: 6.446).

- Ahead of payrolls, our data team has had a look at ADP <100k results and how

those have historically been followed by significant downside NFP misses.

- Contact us if you would like to see our analysis.

- No scheduled Fed speakers now through the Jun 18-19 FOMC, with the blackout

period starting Saturday. SF`s Daly, last to appear, said little new earlier.

- Progress (or lack of) in Mexico tariff talks also worth watching.