Tsys finished weaker on Tuesday,.......>

US TSY/RECAP: Tsys finished weaker on Tuesday, going out at/near the late

session lows.

- A positive session for equities, aided by a WSJ article noting that China is

looking to moderate trade threats and "soothe relations with U.S.

multinationals," weighed on Tsys

- The latest 3-Year note auction drew a 0.1bp tail, as the cover ratio held

steady around the 6 auction average, with the takedown %'s among different types

of investors broadly stable and in line with the recent averages.

- The belly of the curve experienced some modest underperformance in cash trade.

- Flow included fast- and real-money a/c buyers on lows in 5s, 10s & 30s, in

addition to curve steepeners via options & futures (2s10s).

- The Eurodollar strip also went out near lows.

- Fed's Brainard & Bullard are due to speak on Wednesday, with the release of

the latest Beige book also scheduled.

- T-Notes last 119.11, U.S. 10-Year cash Tsy yields closed at 2.975%.