T-Notes held to a 0-04 tick range...........>

US TSYS: T-Notes held to a 0-04 tick range overnight, last +0-03 at 128-17+,

with yields 0.2-0.8bp lower across the curve. U.S. Tsy Sec Mnuchin noted that

the enforcement mechanism in the Sino-U.S. trade deal is "very strong" & will be

"binding for the entire deal." Elsewhere, there was little notable reaction in

core FI to a 5bp cut in the rate applied to the PBoC's 14-day reverse repo ops,

which was the first cut in the metric in nearly 4 years.

- There was a seller of TYF0 128.00/129.00 strangles, at least partially buying

TYG0 127.50/129.50 strangles against (~10.0K of each traded). We also saw a

15.0K buyer of TYF0 127.75 puts.

- Eurodollar futures unch. to +1.0 tick through the reds. The EDU0U2 spread saw

1.8K lots given in one clip. This comes after 2 clips were sold in similar

volume during yesterday's Asia-Pac session (today's trade was at 0.040 vs. the

0.035 & 0.030 seen yesterday).

- Looking ahead, today will see the U.S. House of Representatives vote on two

articles of impeachment against President Trump, Fedspeak will be provided by

Brainard and Evans, and we will see the latest round of 2-Year FRN supply.