T-Notes seemingly happy to operate in.......>

US TSYS: T-Notes seemingly happy to operate in familiar territory after holding

a tight range on Thursday, last +0-01+ at 139-03+.

- Bubbling Sino-U.S. tension (even as White House economic advisor Kudlow

attempted to reassure re: the health of the phase 1 trade deal), coupled with

worry surrounding Hong Kong underpinned the Tsy space on Thursday, pressuring

equities. T-Notes ultimately finished little changed, as the curve bull

flattened at the margins.

- Volume was supported by activity in the futures rolls.

- Fedspeak continued to push back against the notion of negative interest rates,

while Vice Chair Clarida noted that "yield curve control is a "natural

complement" to some other tools the Federal Reserve might use to manage

long-term interest rates."