T-Notes went out at the bottom end of.......>

US TSYS: T-Notes went out at the bottom end of their range on Monday, fully

unwinding the gains lodged in the wake of Friday's NFP report (plus a little bit

more) in the wake of the weekend's developments re:: U.S.-Mexico trade/border

matters. It is worth noting that is seen as a bit of a reprieve, as opposed to

an outright conclusion, with an assessment period in play re: the Mexican effort

on border matters. It wasn't all plain sailing though, hawkish trade comments

from Trump e.g. will levy tariffs on China if Xi doesn't attend G20, saw the

space touch highs in the U.S. morning. Trump also criticised the Fed, again, and

noted that he thinks China will make a trade deal as they "have to." There was

also a SCMP piece doing the rounds suggesting that any meeting between Trump &

Xi at G20 may take the form of a formal dinner (again).

- Also worth highlighting our latest Fed insight piece which noted that softer

U.S. macro data do not present a clear case for an imminent rate cut by the Fed,

but persistent trade tensions may prove disruptive enough to warrant a course

correction, according to senior Fed economists who spoke to MNI last week.

- T-Notes last -0-01 at 126-23.