Treasuries have risen in European...>

US TSYS SUMMARY: Treasuries have risen in European trading (though a little off

best levels) ahead of one of the most anticipated Employment Reports of all

time. Jun TYs up 2.5/32 at 139-12 (L: 139-04 / H: 139-16).

- Curve flatter though cash didn't trade in London morning (UK holiday).

- Range of Apr NFPs goes from -30mln to -8.6mln, median -22mln. Whatever the

headline number, could be some outliers to watch in average hourly earnings and

participation rates - will put something out soon on that.

- Though newsflow has been mainly risk-on, incl US-China trade representatives

breaking the ice in a phone call overnight. And stock futs continue to climb.

- Noteworthy that the Fed funds futures strip continues to imply negative rates

Dec20-Jan22, with contracts hitting new highs this morning. Theories abound,

most of which do not imply that the Fed will adopt a negative policy rate.

- March wholesale inventories/trade sales rounds out the week's data at 1000ET.

- No scheduled Fed speakers.

- NYFed buys appr $8B in 2.25Y-4.5Y Tsys. Next week's operational details to be

announced this afternoon, usually around 1400ET.