Risk aversion creeps in after the...........>

US TSYS: Risk aversion creeps in after the re-open, with T-Notes briefly

printing through Wednesday's highs before ticking back from best levels, last

+0-03 at 129-28+.

- To recap NY/Asia crossover news; President Trump stated that he has not made a

trade deal with China as of yet because Beijing is not "stepping up" during the

negotiating progress. Elsewhere, BBG sources suggested that "Trump is expected

to sign legislation passed by Congress supporting Hong Kong protesters, setting

up a confrontation with China that could imperil a long-awaited trade deal

between the world's two largest economies."

- The space finished higher Wednesday, with the curve bull flattening, aided by

worry surrounding the aforementioned Hong Kong bill, as well as MNI, CNBC & RTRS

reports pointing to issues within the negotiations/timing of a phase 1 trade

deal. There was some positive murmuring on trade matters from a White House

official, but no concrete details were given, so risk aversion quickly resumed.

- Fed minutes and earlier comments from Brainard had little market impact.

- Addresses from Fed's Mester & Kashkari headline Thursday's local docket.