T-Notes Pretty Flat At The Re-Open

T-Notes marginally above Friday's late NY levels, +0-02+ at 132-16+, with little of note evident in terms of major weekend news flow (outside of another roll lower in cryptocurrencies, although Bitcoin failed to break Wednesday's lows).

• T-Notes finished in the middle of their daily range on Friday, with futures roll activity supporting volume. The cash Tsy curve twist flattened on the day, with 20s outperforming on the curve, richening by just under 2.0bp come the bell. The modest firming in the long end provided some widening impetus in longer dated swap spreads. Firmer than expected U.S. Markit PMI data was observed, while Philly Fed President Harker continued to position himself at the hawkish end of the Fed spectrum. Elsewhere, Atlanta Fed President Bostic said he has "always been in that space" when asked if he was one of the Fed policymakers who is already discussing when to taper bond buys. Still, on net, there was a lack of overt catalysts to force a break of the narrow ranges in play during the final session of the week.
• There is nothing in the way of tier 1 risk events slated for Asia-Pac hours on Monday, with the latest Chicago Fed national activity index reading Chicago & Fedspeak from Brainard, Bostic, Mester & George set to headline during NY hours.