*** Tsys trading modesty weaker.....>

US TSYS SUMMARY: *** Tsys trading modesty weaker at the moment, near low end of

narrow range on decent volume (TYH>430k), latter again largely tied to ongoing

March/June roll action ahead Wed's first notice (June takes lead). Aside from

flurry of data, focus today on Fed Chair Powell's inaugural testimony before

House Fncl Services Comm Tue at 1000ET (statement released at 0830ET), hopefully

providing additional policy insight during the question and answer session. US$

index little firmer (DXY +.027, 89.880); equities softer (emini -4.25, 2780.25);

gold weaker (XAU -1.55, 1331.92); West Texas crude softer (WTI -0.15, 63.76).

- Asia, opened mildly lower, traded sideways in narrow range into London

crossover amid two-way trade.

- London, early rebound was short lived with Tsys making new lows in early

London trade. Flow included real$ selling in 7s prop and bank portfolio buying

in 10s early. Renewed selling from fast and real$ in belly as EGB's traded lower

following Bunds post German flash data.

- Swaps, mixed, spd curve flatter, real$ long end receivers

- Eurodollar futures, weaker across strip, Reds-Greens underperforming.