T-Notes stuck to a tight range overnight,...>

US TSYS: T-Notes stuck to a tight range overnight, after moving higher on Monday

as the contract broke resistance levels & 30-Year yields moved back below 3.0%,

with the belly of the curve outperforming. The space then legged higher on the

back of chatter suggesting that U.S. Pres. Trump was unhappy with Fed MonPol

under Powell i.e. less easy money, which was later confirmed. Trump noted that

he disagrees with the Fed re: rate hikes & that he is "not thrilled" with Chair

Powell. When asked if he believes that the Fed should be independent, he said he

believes in "what's good for the country" adding "I should be given some help by

the Fed." Trump also noted that he will criticise the Fed if it continues to

raise rates.

- Trump also highlighted that he doesn't "anticipate much" from China trade

talks in Washington later this week, and believes that there is "no time frame"

for ending the trade dispute. Trump also had harsh words for Iran & Turkey.

- The Eurodollar strip is virtually unchanged last, after some late block buying

of front strips was observed on Monday.

- T-Notes last 120.19+, U.S. 10-Year cash Tsy yields last 2.828%.