Treasuries have clawed back.........>

US TSYS SUMMARY: Treasuries have clawed back modest early losses Monday, with

PCE data later taking centre stage, and FOMC meeting Tue/Wed looming large.

- Jun 10-Yr futures (TY) down 1/32 at 123-20.5, amid a tight trading range (L:

123-18 / H: 123-22).

- Curves edging slightly steeper: The 2-Yr yield is up 0.6bps at 2.2882%, 5-Yr

is up 0.3bps at 2.2916%, 10-Yr is up 0.7bps at 2.5054%, and 30-Yr is up 0.6bps

at 2.9296%.

- So fairly quiet early, but note that Cash Tsys will be closed in Asian hours

during the Japanese Golden Week holidays all this week.

- S&P Emini futures briefly hit new 2019 highs before fading, last down 0.05%.

- U.S. personal income/spending data will be closely watched at 0830ET.

- Particularly key will be release of core PCE inflation for both Feb and Mar;

1.7% Y/Y expected for March but a surprise could have extra impact on the eve of

the FOMC's two-day meeting.

- Dallas Fed manufacturing also out later (1030ET).