The rekindled positive impetus in e-minis...>

US TSYS: The rekindled positive impetus in e-minis has seemingly been offset by

the run higher in USD/CNH and/or continued ramping up of Sino-U.S. tension,

leaving T-Notes +0-01+ vs. settlement at 139-00, with the contract holding to a

0-04 tick range in Asia. Elsewhere, markets remain on edge re: the situation in

Hong Kong.

- TYM0 volume is moving towards 100K ahead of European hours, but this will be

artificially supported by roll volume.

- Cash trade has seen the curve twist flatten at the margin.

- A quick recap of Tuesday's 2-Year Tsy supply, which saw a 0.2bp tail, solid

enough cover ratio (despite the pullback vs. last month's cover) and uptick in

dealer participation, although the bidding metrics were roughly in line with the

recent averages.

- Fedspeak from Bullard and Bostic is due today, as well as conventional 5-Year

Tsy and 2-Year FRN supply.