T-Notes operate at the bottom of a narrow...>

US TSYS: T-Notes operate at the bottom of a narrow 4 tick range, with the curve

sitting a touch flatter at writing (modest bear flattening apparent).

- The general ebb and flow was dominated by a risk off feel in early dealing,

before equity supportive measures/rhetoric from the PBOC and Chinese regulators

alleviated some of the negative sentiment.

- There was no notable reaction across the major asset classes to the marginal

miss in headline China Y/Y GDP.

- Eurodollar volume is well above average for this time of day, led by activity

in EDZ8, following Thursday's underperformance in the front end of the strip.

Contracts last trade 1.0 to 1.5 ticks lower.

- Focus Friday turns to Fedspeak from Bostic & Kaplan.

- T-Notes last 118.02+, U.S. 10-Year cash Tsy yields last 3.181%.