Monday has seen a slow grind........>

US TSYS SUMMARY: Monday has seen a slow grind lower in Treasuries amid low

volumes, in a subdued follow-up to Friday's post-nonfarm payroll gains.

- The Jun 19 T-Note future is down 4.5/32 at 123-145, on day`s lows, having

traded in a range of 123-145 to 123-225.

- Very modest steepening in the cash curve. The 2-Yr yield is up 1.6bps at

2.3557%, 5-Yr is up 1.9bps at 2.3239%, 10-Yr is up 2.1bps at 2.5168%, and 30-Yr

is up 2.1bps at 2.9242%.

- Very low futures volumes to match: by 1500NY time, just 740k in TYs (1-month

full day avg is 1.69mn).

- Little in the way of newsflow, with day`s highlight being Feb factory orders

coming in slightly above consensus (-0.5% M/M vs -0.6% exp.). Back-and-forth

rhetoric between US and Iran drove oil prices higher (WTI up 2+%).

- On corporate supply front, Aramco's USD debut garnering all the headlines,

with orderbooks reportedly in excess of $60bln.

- Slow start to the week but picks up with FOMC March minutes and CPI Wednesday,

and PPI Thursday.