Tsys have operated in a restricted..........>

US TSYS: Tsys have operated in a restricted manner, with T-Note futures sticking

to a 3-tick range. The belly of the cash curve experienced some mild

underperformance early on, with the curve virtually unch. at present.

- The FOMC meeting minutes (released Wednesday) showed that "almost all" wanted

to raise rates at the meeting, with a couple pointing to the benefits of waiting

for a rise in inflation. Wage gains were deemed moderate, while the risk of a

trade war was noted by "many" participants. While the release offered little in

the way of surprises, the minutes did signal a greater degree of confidence in

the rate path amid firming inflation, with no Fed officials seeing the risk to

their inflation forecasts tilted to the downside. The space failed to make fresh

session lows on the back of the minutes as geopolitics underpinned and the

market ignored the soft 10-Year Note auction.

- Fedspeak dominates the docket for the remainder of the week, with non-voters

Kashkari, Rosengren, Bullard & Kaplan due in the next 48 hours.

- T-Notes last at 120.28+, ylds: 2Y 2.307%, 3Y 2.443%, 5Y 2.613%, 7Y 2.722%, 10Y

2.779%, 30Y 2.994%. White & red Eurodollar futures are ~unch. vs. settlement.