A limited liquidity backdrop was evident....>

US TSYS: A limited liquidity backdrop was evident in Asia, given the well

documented, widespread holidays across the region, with the same set to hold

true in Europe, resulting in no real notable flow in Asia.

- T-Notes continued to edge away from their late NY lows, but held a tight 0-05+

tick range, on subdued volume, last +0-00+ at 139-02+, with yields 0.8-2.3bp

richer, as the curve bull flattens and swap spreads sit either side of

unchanged, with little dislocation seen.

- An intensification of Sino-U.S. sabre rattling and reports of potential U.S.

actions against China, coupled with weak e-minis in the wake of Apple & Amazon

earnings, were the major supporting factors overnight.

- Also worth flagging that the Fed expanded access to its Paycheck Protection

Program Liquidity Facility (PPPLF) via the inclusion of additional lenders,

while it also expanded the collateral that can be pledged within the Facility.

- Manufacturing ISM headlines the docket on Friday.