Tsys near top end of the range.........>

US TSY FLOWS: Tsys near top end of the range despite better than expected March

employ data (+196k vs. +175 est). Heavy chop in early trade w/ focus on drop in

manufacturing jobs by 6,000, and wages rising only 3.2 vs. 3.4%. 

- Rates started off weaker w/carry-over risk-on tone from late Thu after China's

Xi called for a quick conclusion to text of a bilateral trade accord w/ U.S.

Midday heads told different story: White House says no timetable for China trade

talks. Equities firmer late, however (SPX +10.5, 2893.25); US$ index firmer/near

high (DXY +.097, 97.405).

- Despite mfg job and wage drop, Eurodlr whites under pressure all day as Fed

rate cut chances eased w/ apparent focus on the jobs creation figure. Moderate

volume trade (TYM only 1.3M) with second half action evaporating quickly.

- Slow start to the week ahead, focus more on midweek CPI and PPI releases. On

tap for Monday: February factory new orders; March Employment Trends Index

(ETI); NY Fed expectations survey for April.

- The 2-Yr yield is up 0.6bps at 2.3433%, 5-Yr is down 1bps at 2.3104%, 10-Yr is

down 1.6bps at 2.4989%, and 30-Yr is down 1.2bps at 2.9079%.