T-Notes last unch. at 128-22, with yields...>

US TSYS: T-Notes last unch. at 128-22, with yields unch.-2.0bp lower across the

curve, while bull flattening has been apparent.

- T-Notes saw choppy trade on strong volume during Asia-Pac hours, with

continued hard-line rhetoric from Pres. Trump, after he outlined the latest

round of tariffs to be levied on China. The Chinese response to the latest round

of tariffs came via the country's Foreign Minister, who suggested that new

tariffs were not the correct solution to the trade spat.

- News of an impending announcement from the President re: EU trade matters also

helped to underpin initially, although this faded as the matter is seemingly an

opportunity to formally announce a deal to open up the European Union to more

beef exports after the bloc carved out quotas from other nations earlier this

year, per BBG sources.

- T-Notes have struggled for fresh momentum above Thursday's late highs, with

yields across the curve seemingly reluctant to break through the fresh cycle

lows that were set on Thursday, at least for now.

- NFPs present the key risk event on Friday.