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Tsys have stuck to a tight range............>

US TSYS: Tsys have stuck to a tight range operating around settlement levels
with a stronger AU GDP release keeping a lid on prices, in spite of a move lower
in Asia-Pacific stocks.
- Fed non-voter Kashkari spoke late on Tuesday, erring on the cautious side,
stating that "it could be a spark in emerging markets like we're seeing in
Turkey, where there's a lot of uncertainty, that could potentially trigger a
crisis of confidence, and could spill over globally into the U.S." He also
pointed to trade war worry and excess tightening by the Fed as potential risks.
Kashkari reminded us that he has "also been saying that we're raising interest
rates too aggressively."
- The Eurodollar strip trades virtually unchanged last.
- Focus today turns to addresses from Fed non-voters Bullard & Kashkari, with
NAFTA talks set to resume. Participants will continue to eye corporate issuance
as plans pick back up after a lull in recent weeks.
- T-Notes last 119.29+, U.S. 10-Year cash Tsy yields last 2.900%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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