The Tsy complex has moved lower,............>

US TSYS: The Tsy complex has moved lower, alongside the break in JGBs. Up until

then the space had spent most of the early part of the Asia-Pacific session

unwinding the early bid that came on the back of headlines suggesting that the

U.S. is considering levying a 25% tariff on $200bn worth of Chinese goods, up

from the prior 10%, although the sources attributed did concede that the touted

higher tariffs may not come to pass.

- The Tsy curve is trading a touch steeper last.

- The Eurodollar strip has edged lower, tracking Tsys.

- Focus on Wednesday falls on the FOMC MonPol decision, where the Fed is

expected to leave its MonPol settings unchanged and lay the groundwork for a

September hike (95% priced according to MNI PINCH). focus will be on any

commentary regarding the trade disputes, recent U.S. GDP data and the yield

curve.

- T-Notes last at 119.11, US 10-Year cash Tsy yields last at 2.935%.