T-Notes have operated in a limited range....>

US TSYS: T-Notes have operated in a limited range with little in the way of

fresh catalysts to generate any notable trading impetus, as the cash curve

undergoes some minor bear flattening.

- The verbal jousting between the U.S. & China has continued, without revealing

much, if any, new information.

- There was downside interest in Tsy options, expressed via a block trade of the

TYZ8 118-117 1x2 put spread overnight, with ~1.9K of the strategy blocked.

- The Eurodollar strip has also edged lower in limited trade, last 0.5 to 1.0

tick softer.

- Fed non-voter Bullard is due to appear on CNBC from 07:00 BST, with Fed voter

Barkin due later this week. The real focus in the U.S. is likely to fall on CPI

data due Friday.

- There will also be 3-, 10- & 30-Year supply throughout the week.

- T-Notes last at 119.19, U.S. 10-Year cash Tsy yield last at 2.951%.