Muted After Friday's Richening

A flat re-open for T-Notes, with TYU1 last +0-01 at 133-29, just shy of Friday's late NY highs. Note that TYU1's first notice is Tuesday. Much of the weekend's headline flow focused on goings on in Afghanistan, with the U.S. conducting a surgical strike against some of the plotters of the recent attack on Kabul airport, in addition to moving to foil another attack.

• To recap, Tsys were 2.5-5.0bp richer across the curve come the close on Friday, with the belly leading the rally in the wake of Fed Chair Powell's Jackson Hole comments. Powell managed to placate some of the hawkish tones that had come from regional Fed Presidents in the lead up to his address, with Vice Chair Clarida managing to reinforce Powell's balanced message i.e. the tapering announcement/moves could come this year, but there is no rush evident. Fed Governor Waller followed up with his own brand of hawkish rhetoric.
• There is a lack of tier 1 risk events slated for Asia-Pac hours on Monday, with a market holiday in London set to thin out liquidity ahead of NY hours. Pending home sales and the latest Dallas Fed m'fing survey will hit during Monday's session.