Japan was closed for a holiday last night. In Europe, Portugal 10yrs are 29 bps tighter due to a S&P upgrade to investment grade. North Korea is still front and center with Pres. Trump speaking at the UN tomorrow while our Amb. Haley says the US is out of options and military ones are the only way forward. Overnight flows in Treasuries has been lackluster with volumes around 30% of usual flows. Europe has 18B in supply this week while we have a 10yr TIPS auction Thursday. The Fed and BoJ rate decisions are due this week. The start of “Balance Reduction” is expected theme from the Fed however I believe that Harvey and Irma could actually delay the start of this program.