Quiet start to busy central bank.......>

US TSY FLOWS: Quiet start to busy central bank week -- four policy anncs: FOMC,

BOJ, BOE and Norges bank. Tsy ylds opened higher amid tepid carry-over risk-on

tone from overnight, not much to write home about as equities held little gains,

narrow range all day.

- FOMC Wed: no change expected, June cut chances drift around 93% priced in (Sep

or Oct evenly distributed around 75%, Dec appr 70%); positioning varies around

2-3 cuts for 2019; effect of US tariffs on global trade difficult to price with

lack of certainty.

- Yield curves reversed/flattened out as Tsy futures quietly extend session

highs -- long end outperforming. Desks reporting little substantive flow heading

into midday, moderate position squaring flows ahead mid-week FOMC.

- On tap for Tuesday: May housing starts and permits; Jun NY Fed Business

Leaders Index; Redbook retail sales.

- The 2-Yr yield is up 2bps at 1.8606%, 5-Yr is up 1.1bps at 1.844%, 10-Yr is up

0.3bps at 2.0838%, and 30-Yr is down 0.9bps at 2.5762%.