T-Notes finished at session lows Friday,....>

US TSYS: T-Notes finished at session lows Friday, pressured by stronger than

exp. headline Chinese trade data (driven by strong exports & soft imports),

alongside stronger than exp. Chinese lending data. Yields in the belly lead the

way higher in cash trade. T-Notes operate around closing levels at writing.

- Warmer trade tones between the U.S. & China continue to be evident, but there

is little in the way of a decisive breakthrough, yet. Conversely, EU-U.S. trade

worry continues to escalate, while U.S. Tsy Sec Mnuchin outlined the need for

currency provisions in U.S.-Japan trade.

- Trump continued to berate the Fed over the weekend, tweeting "If the Fed had

done its job properly, which it has not, the Stock Market would have been up

5000 to 10,000 additional points, and GDP would have been well over 4% instead

of 3%...with almost no inflation. Quantitative tightening was a killer, should

have done the exact opposite!" ECB President Draghi also hinted that he is

worried about the Fed's Independence.

- T-Notes last 123.02, U.S. 10-Year cash Tsy yields closed at 2.565%.