T-Notes last trade unch. at 127-15, with....>

US TSYS: T-Notes last trade unch. at 127-15, with the curve bull steepening at

the margin. Little to report on the headline front, with some light focus on

some punitive U.S. tariffs on Mexican & Chinese steel products.

- S&P 500 e-minis managed to breach their post-NFP lows, which leant some light

support to the Tsy space.

- Eurodollar futures trade 0.5 tick lower to 1.0 tick higher through the reds.

Flow wise, the highlight was 40.0K of the 0EN9 98.250 puts blocked at 0.0150 vs.

40.0K of the 0EQ9 98.250/98.125 put spread blocked at 0.0500. A source noted

that the 0EN9 98.250 puts were sold vs. the 0EQ9 98.250/98.125 put spread as the

package traded for 0.0350.

- Focus turns to Fedspeak, with Powell, Quarles, Bostic & Bullard all due to

speak today, although the focus of Quarle's & Powell's comments will be on the

stress testing of the banking sector. Powell will, of course, appear on the Hill

on Wednesday & Thursday. JOLTS data provides the highlight of the economic

release calendar, with 3-Year supply also due.