The early Asia bid on the back of......>

US TSY/RECAP: The early Asia bid on the back of the short Chinese statement re:

U.S. trade matters fizzled out on Thursday, with Tsys trading weaker by the

close, going out near lows, with the curve running steeper on the day.

- The space was immune to continued guarded Fedspeak, with equities bid on the

cautious central bank rhetoric. Fed Chair Powell underscored a balanced/dovish

stance, reiterating "patience" to watch risks play out, noting that data not

showing "indication of slowdown." Powell also noted that Fed still doesn't know

the end level re: its balance sheet size.

- Long end sold off/extended on session lows after the latest 30-Year bond

auction tailed, with the cover ratio softening. Dealer and direct participation

increased, as indirect takedown moderated to sub-recent average levels.

- Eurodollar futures finished slightly lower across the strip, near the bottom

of their daily ranges.

- T-Notes last 121.21, U.S. 10-Year cash Tsy yields closed at 2.742%.