T-Notes had a brief look through Monday's...>

US TSYS: T-Notes had a brief look through Monday's high at the re-open but have

faded from opening highs to trade at settlement levels at writing, last 127-30.

- The contract went out around best levels on Monday, with yields 3.5-4.3bp

lower across the curve on the day, although T-Notes witnessed light volume on

the first trading day of the week.

- The Dallas Fed manufacturing survey added to the string of recent soft m'fing

indicators (namely Empire, Philly Fed & flash Markit PMI).

- Elsewhere Monday, we heard from Fed's Kaplan who urged policymakers to allow

events to unfold before lowering interest rates, adding it's too early to judge

whether trade tensions and a global economic slowdown will cause a material

deterioration in the U.S. outlook.

- Geopolitical worry namely re: Iran & the build-up to the G20 summit dominate

traders' minds early this week.