T-Notes have held to a narrow 4 tick........>

US TSYS: T-Notes have held to a narrow 4 tick range, with yields little changed

in the cash space. Little in the way of headline news flow was observed in

Asia-Pacific hours, but a dearth of news flow, the Lunar New Year holidays & the

fact that it was Superbowl Sunday didn't prevent a flurry of activity in the

space during early Asia-Pacific hours. Tsy flow of note included: Week 3 TY

122.00/123.00 Call Spread 8.2K blocked at 0-14.

- Fed's Kashkari suggested that Fed Chair Powell is "coming around" to the view

that the Fed should wait until wages & inflation pick up before hiking interest

rates again. Friday saw Fed's Kaplan reveal that he believes that the U.S.

central bank will hold off on rate increases until at least the summer.

- The Eurodollar strip also experienced a burst of activity including, EDU9U0

8.4K blocked at -0.125, 2EG9 97.500/97.750 call spread 26.0K blocked at 0-04,

2EJ9 97.625/97.875/98.000 broken call fly saw over 10K change hands (BBG didn't

provide a price). With the strip last trading 1.0 tick higher to 2.0 ticks lower

across the whites and reds, as the front end outperforms.

- T-Notes last 121.30+, U.S. 10-Year cash Tsy yields last 2.688%.