T-Notes edge lower in early Asia-Pac........>

US TSYS: T-Notes edge lower in early Asia-Pac trade, last -0-03 at 138-24+, but

still sit some way off Tuesday's European session lows. A reminder that cash

Tsys will be closed in Asia-Pac hours, owing to a Japanese holiday.

- Long end underperformance resulted in a continuation of Monday's curve

steepening during Tuesday's session, although volume remained below recent

averages, with Asia activity particularly light owing to the Japanese holidays.

Familiar catalysts were in play, with an uptick in equities and crude, as well

as an active enough IG issuance slate.

- Fedspeak from Messrs Clarida & Bullard was particularly cautious, with the

former reiterating the Fed's capability re: doing more, as he told CNBC that

"more policy support will be needed from the Fed and possibly also fiscal

policy. It just depends on how this evolves...Realistically, it's going to take

some time for the labor market to recover from this shock. I do think the

recovery can commence in the second half of the year."

- Focus in Asia likely to fall on the return of the Chinese mainland markets and

USD/CNY fix.