A decent round of activity after the........>

US TSYS: A decent round of activity after the re-open, T-Notes hold a 0-04+

range. Contract last +0-01+ 131-04, as Coronavirus headlines dominate the

airwaves. With some Chinese businesses returning to work today, the flow of

staff getting back to work is probably best described as disjointed.

- Curve bull flattened Friday, with Coronavirus worry & soft EZ IP data

underpinning the bid. Solid NFPs (uptick in unemployment was due to stronger

participation) provided a brief respite, before the grind lower in yields

re-commenced. An FVH0/WNH0 block flattener helped the theme.

- A RTRS source report suggesting Eurozone FinMins are willing to recommend an

expansion of fiscal policy in the case of economic downturn helped put a ceiling

on prices in the European afternoon, with contract finishing just shy of best

levels come the bell. Elsewhere, the text of the Fed's semi-annual MPR revealed

that it Reserve deems the current level of interest rates appropriate amid a

strengthening U.S. labor market, rising inflation and signs of a stabilizing

global outlook, though possible spill overs from the effects of the coronavirus

in China have presented a new risk to the outlook.