Tariffman was at it again overnight;........>

US TSYS: Tariffman was at it again overnight; Trump drove risk-off action

(though T-Notes stuck to a tightish range) as he stated that "China broke the

deal" & "they will be paying," followed up with "China looted our country for

years, whatever happens with trade talks happens, don't worry about it, it will

all work out," which saw a chunk of the initial, modest, risk-off moves

retraced, ahead of the Chinese trade delegation touching down in Washington

later today. T-Notes last deal at 123.27. The belly has outperformed in the cash

space. 10-Year cash Tsy yields last 2.467%. Chinese credit & money supply data

underwhelmed, though a pullback was expected after March's surge higher.

- Flow wise, the TYM9 122.50/TYN9 122.50 put spread saw a block buyer on 20.0K.

- Eurodollar futures trade 0.5 to 1.0 tick higher through the reds.

- Focus today moves to Fedspeak, with Powell, Evans & Bostic all due up;

elsewhere eyes will be on the latest round of 30-Year supply after yesterday's

10-Year auction garnered the softest bid to cover ratio since 2009, as dealer

participation surged (the pessimists have pointed to pullback in Chinese demand,

but it isn't clear cut, or simple to derive at present).