Treasuries have softened in.........>

US TSYS SUMMARY: Treasuries have softened in European trading after a rally in

the Asia-Pac session. That said, Tsys are stronger on the day and have regained

ground after a move lower around 0430ET, on a Chinese CDC official saying

Beijing's COVID outbreak was "contained".

- Some bull flattening: 2-Yr yield down 0.4bps at 0.1913%, 5-Yr down 1.8bps at

0.3265%, 10-Yr down 3bps at 0.7084%, and 30-Yr down 4.1bps at 1.4883%.

- Sep 10-Yr (TYs) up 4/32 at 138-23 (L: 138-16 / H: 138-27), middling volumes.

- Equities futs off lows, roughly flat on the day.

- 0830ET sees Initial Jobless Claims and June Philly Fed. Prior to this, Bank of

England decision at 0700ET will be eyed (expansion of QE expected).

- More Fed speakers, with Cleveland's Mester at 1215ET (following yesterday's

appearance), and St Louis's Bullard at 1400ET.

- In issuance, we get two bill sales (4-Wk, 8-Wk, total $115bln) at 1130ET, and

$15bln 5-yr TIPS reopening at 1300ET. Also at 1100ET will get announcements for

(at least) 4 bill auctions, and 4 coupon sales (2-Yr, 5-Yr, 7-Yr, 2-Yr FRN).

- NYFed buying $3.625bln in Tsys.