Quiet re-open for the space after......>

US TSY/RECAP: Quiet re-open for the space after Tsys traded sharply lower

Friday, with T-Notes unwinding Thursday's rally. The curve bear flattened, with

the belly underperforming, equities rallied sharply. The monthly NFP report

provided a blockbuster 312K headline, with wage growth also topping estimates.

The U.S. unemployment rate ticked up, as labour market participation moved

higher. Definitely worth highlighting comments from Federal Reserve Chairman Jay

Powell made Friday, as he said the central bank would be patient in light of

muted inflation and conflicting signals from financial markets and economic

data. Fedspeak from Bostic, Barkin & Mester also seemed a little more guarded.

- Gov't shutdown ongoing. Trump's "concession" seems to be building a border

wall out of steel, as opposed to concrete.

- Monday sees a 2-day vice-min trade summit between the U.S. & China get

underway, as well as the release of the ISM non-m'fing survey. Weds brings the

release of the FOMC meeting minutes from the Dec MonPol decision, with Fed Chair

Powell due to speak Thurs, headlining a smattering of Fedspeak due this week.

- T-Notes last 122.06+, U.S. 10-Year cash Tsy yields closed at 2.668%.