Tsys Biased Steeper To Start The Week As Month End Vanishes

T-Notes saw some pressure on an uptick in USD/JPY, but recovered from worst levels, last -0-02 at 140-00+, with yields running 0.4-2.4bp cheaper across the curve, light steepening in play. Flow-wise, the aforementioned downside expression via a 10.0K block lift of the TYZ0 139.00 puts still stands out overnight. TikTok matters continue to dominate headline flow (the worst case may have been averted on that front, with source reports suggesting the Trump admin will give Microsoft 45 days to acquire the firm), but participants are more likely to be focusing on this week's quarterly refunding announcement.

• Elsewhere, Fitch's revision of the U.S.' AAA credit rating outlook to negative from stable had no real impact late on Friday.
• Also worth noting that the fiscal impasse on the Hill continues, with no meaningful progress being made on the matter over the weekend, despite the expiry of income support measures at the end of July.
• China's Caixin m'fing PMI had no real impact on the space.• Locally, the m'fing ISM survey and Fedspeak from Bullard, Barkin & Evans headlines Monday.