Tsys were happy to meander along in.........>

US TSYS: Tsys were happy to meander along in Asia-Pac hours, holding a tight

0-04 range ahead of the latest round of monthly NFP data and the elongated

Independence Day weekend. T-Note volume shy of the recent averages, with reports

of light cash trade also seen.

- Contract last +0-02 at 139-00+, yields unchanged to 0.7bp richer across the

curve.

- Market remains at ease with the latest escalation in Sino-U.S.

tensions/COVID-19 worry, aided by the release of the minutes from the latest

FOMC decision which revealed that off'ls favoured more explicit forward

guidance, in one form or another. Most off'ls also wanted more clarity on asset

purchases. All off'ls wanted further investigation of YCC measures, although the

recent public divergence re: the matter amongst Fed off'ls was also observed.

- Eurodollar futures unchanged to +0.5 through the reds.

- NFPs, weekly jobless claims and factory orders data are all on Thursday's

slate, with an early recommended cash market close from SIFMA in play (see

earlier bullet for broader details re: market hours over the holiday weekend).