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Tsys moved higher on Monday as.........>

US TSY/RECAP: Tsys moved higher on Monday as T-Notes broke resistance levels &
30-Year yields moved back below 3.0%, with the belly of the curve outperforming.
The space then legged higher on the back of chatter suggesting that U.S. Pres.
Trump was unhappy with Fed MonPol under Powell i.e. less easy money, which was
later confirmed. Trump noted that he disagrees with Fed re: rate hikes & that he
is "not thrilled" with Chair Powell. When asked if he believes that the Fed
should be independent, he said he believes in "what's good for the country"
adding "I should be given some help by the Fed." Trump also noted that he will
criticise the Fed if it continues to raise rates. Trump stated that he doesn't
"anticipate much" from China trade talks in Washington later this week, and
believes that there is no time frame" for ending the China trade dispute.
- Fed voter Bostic spoke, noting that the Fed doesn't need as much stimulus as
before, as it doing pretty well re: its inflation goal. Bostic's base case still
looks for 1 additional hike this year, although he highlighted the uncertainty
from trade policy & worry re: yield curve inversion.
- T-Notes last 120.21, U.S. 10-Year cash Tsy yields closed at 2.819%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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