It has been a slow grind higher for.........>

US TSYS: It has been a slow grind higher for T-Notes since the release of

China's annual work report, with the aforementioned risk negative factors

supporting the broader Tsy space. T-Notes last +0-05 at 139-07, just off highs,

with yields sitting 0.2-3.3bp richer across the curve, as 20s continue to

outperform amongst a bull flattening backdrop.

- Volumes in T-Notes are solid enough for this time of day, hitting 66K already,

if a little shy of the action that we became accustomed to in the Asia-Pac time

zone earlier this year. Perhaps an element of some hedging ahead of the

elongated U.S. weekend is evident, boosting activity.