Tight trading range for.............>

US TSYS SUMMARY: Tight trading range for Treasuries so far amid thin volumes,

shrugging off stronger equities. 

- A little under 160k TYs traded as of 0645ET w price "action" in 5 tick range;

short-end / belly outperforming in line with global fixed income trends.

- The 2-Yr yield is down 0.8bps at 0.137%, 5-Yr is down 1.3bps at 0.2954%, 10-Yr

is down 0.3bps at 0.6396%, and 30-Yr is up 1.3bps at 1.3394%.

- Jun 10-Yr futures (TY) up 1.5/32 at 139-12 (L: 139-07.5 / H: 139-12.5)

- Very thin calendar to open the week; no major data, while Atlanta Fed Pres

Bostic speaks at 1400ET. NYFed lowering buying pace again, $7bln avg daily this

week (vs $8bln last). Just $3.5bln today in Tsys/TIPS.

- Chair Powell had little new to say on monetary policy on 60 Minutes Sunday

evening, main takeaway (apart from the reiteration of the FOMC's disdain for

negative interest rates) was emphasis that Congress/Fed "may have to do more".

- Plenty of key Fedspeak this week. First is Powell testifying before Congress

Tuesday (alongside Treas Sec Mnuchin), and then on Thursday we get three Fed

Board members: NY Fed's Williams, Vice-Chair Clarida, and Gov. Brainard.