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US TSYS: T-Notes sit at best levels. The 1st half of the Asia-Pac session was
limited as the market looked through a MOFCOM headline which noted that China's
vice Premier Liu spoke with U.S. TR Lighthizer & Tsy Sec Mnuchin on June 24. The
report said the two sides exchanged views on econ & trade issues under the
instructions of their respective presidents & agreed to continue to communicate.
Activity picked up in the 2nd half of the session, as the underperformance of
Chinese equities provided some support, although the stronger bid came through
on the back of RTRS headlines noting that Iran's Foreign Ministry Spox Mousavi
tweeted that the latest U.S. sanctions means "closing channel of diplomacy
forever." The highlight flow-wise was a block that saw 20.0K of the TYU9
128.50/129.50/130.00 broken call ladder lifted at 0-00.
- We will hear from Fed's Powell, Williams, Bostic, Bullard & Barkin later
today, with Fed fund futures pricing a 55% chance of a 25bp cut at the Fed's
July meeting & a 45% chance of a 50bp cut. As a reminder, Monday saw Fed's
Kaplan urge policymakers to allow events to unfold before lowering rates.
- T-Notes last +0-07 at 128-05, 10-Year cash Tsy yields last 1.988%.