It has been a sedate start to the session...>

US TSYS: It has been a sedate start to the session for U.S. Tsys, with T-Notes

operating in a tight range as the cash market remains closed for the U.S. Labour

Day holiday.

- Friday provided a relatively quiet end to the week for the space, with

underlying month-end support waning late on, allowing T-Notes to close at/near

session lows, with the curve steepening.

- The Eurodollar strip has operated on low volume, and last trades unchanged to

1 tick softer.

- Focus this week will move to U.S. data, with the labour market report, ISM/PMI

surveys & factory orders all due, in addition to Fedspeak from Williams, Mester,

Kaplan, Rosengren, Kashkari & Bullard. Participants will also keep an eye on the

corporate issuance space, with some large deals earmarked for the upcoming week.

- T-Notes last 120.07+, U.S. 10-Year cash Tsy yields closed at 2.860%.