Treasuries have traded with a.......>

US TSYS SUMMARY: Treasuries have traded with a modestly weak tone Friday ahead

of the employment report and Fed Chair Powell`s appearance in Switzerland.

- China central bank's announcement of Reserve Requirement Ratio cuts appeared

largely priced in but still boosted equities briefly.

- Short end sold off over course of European morning. Curve a little flatter:

2-Yr yield is up 3bps at 1.5564%, 5-Yr is up 2.8bps at 1.4542%, 10-Yr is up

2.4bps at 1.5823%, and 30-Yr is up 2.3bps at 2.0721%.

- Dec 10-Yr futures (TY) down 6.5/32 at 131-3 (L: 130-31.5 / H: 131-12).

- Overnight trade highlighted by downside: 8x1.25k block sales of TYZ9 down from

131-09+ to 131-05; EDH0 98.00/97.875 p/s in 9k bought at 2.

- All eyes initially on Aug Nonfarm Payrolls at 0830ET (MNI dealer median=164k).

- Then Fed`s Powell in Zurich at 1230ET gives what is likely to be the final say

on the FOMC prior to the blackout period (pre Sep 17-18 mtg) beginning tonight.