Tight Range Still In Play

T-Notes continue to operate within a narrow range which has now widened to 0-03 ticks, with the contract last +0-03 at 132-24+. The space has looked through the much softer than expected Chinese Caixin Services PMI print, which slowed to a near-neutral 50.3. The text of the release noted that "the recent resurgence of Covid-19 in the Pearl River Delta had a certain impact on the services sector." A broader positive, albeit negative factor on the headline reading, was that "the gauge for input prices remained in expansionary territory for the 12th month in June, but fell to the lowest point in 9 months."