T-Notes +0-08 at 130-04. The fact that......>

US TSYS: T-Notes +0-08 at 130-04. The fact that Friday's "phase 1 Sino-U.S.

trade deal" didn't provide any real movement re: the medium-term issues

underlying the trade war supported Tsys overnight, even with cash markets closed

& liquidity thinned on the back of Japanese & U.S. holidays. Chinese media

continues to sound a little more cautious than Trump re: trade matters, while

nothing has actually been signed in terms of a formal agreement. The APEC summit

(Nov 16-17) is the next "deadline date" it would seem, with Messrs Mnuchin &

Lighthizer set to travel to China before then. The breakdown of China's trade

data was also quite grim, despite the wider than exp. headline surplus.

- A reminder that the Fed said Friday it will buy Tsy bills at an initial pace

of ~$60bn/month in order to maintain reserve balances at or above the levels of

early Sep '19. Elsewhere, the Fed also noted that it will continue its overnight

repo ops through at least January. Also worth flagging that the Tsy revealed

that it is surveying dealers re: a potential 20-Year bond.

- Eurodollar futures +1.0-3.0 ticks through the reds.

- There was not any flow of note to highlight overnight.