The major bond markets benefitted from......>

US TSYS: The major bond markets benefitted from some modest JPY strength (which

has largely unwound) and lacklustre equity trade overnight, with T-Notes sitting

just above settlement levels heading into European hours. Yields sit a touch

lower across the curve.

- This comes after higher crude prices stemming from the removal of U.S. waivers

re: sanctions on Iranian crude importers weighed on Tsys on Monday, with volume

limited by the widespread Easter holidays in play elsewhere.

- Elsewhere, Trump's Fed Governor nominee, Herman Cain, ruled himself out of

contention for the role. One of the reasons given was that it would be too much

of a pay cut.

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

- Tuesday's economic releases could be deemed "second tier," with 2-Year supply

also noted.

- T-Notes last 123.00+, U.S. 10-Year cash Tsy yields last at 2.576%.