A limited re-open for futures. T-Notes......>

US TSYS: A limited re-open for futures. T-Notes pulled back from best levels

ahead of the close after rallying hard for most of Thursday's session as worries

re: global growth and the trade war situation intensified. 10- & 30-Year yields

touched levels not seen since 2017

- Modest bear flattening was apparent, with a focus on 3-Month/10-Year inversion

back in play.

- Poor European data compounded by weak U.S. flash PMIs for May, which included

the weakest new business orders since the Composite series began in 2009, were

the notable drivers on the economic front.

- The latest 10-Year TIPS auction saw the lowest yield since Jan 2018 and

highest cover ratio since Apr 2010.

- CME's "Countdown to FOMC" tool indicates a ~78% chance of at least one rate

cut from the Fed by year end.

- Traders will be eying an early exit on Friday, owing to the Memorial Day

Holiday, with shortened trading hours in play.

- T-Notes last 124-30, U.S. 10-Year cash Tsy yields closed at 2.319%.