A swing in risk tone pressured T-Notes,.....>

US TSYS: A swing in risk tone pressured T-Notes, although they still sit some

way above settlement levels, +0-14+ at writing, at 137-22+ (just off overnight

lows), with the long end underperforming on the curve for the duration of the

session. No one could really put their finger on the move, with asset allocation

(potential from sovereign wealth names), "too far, too fast" in terms of the

recent equity swings, a potential coronavirus vaccine article circulated (that

was both dated, and a little questionable, touting a best case release date of

November) & de-leveraging all touted. Overall, It was another choppy Asia

session, punctuated by thinner liquidity, with the Fed's latest round of

liquidity operations & broader scope for FI purchases/announced ops doing little

to take the edge off of things for now. Yields sit in positive territory across

the curve, with swap spreads mixed, wider out to 3s, tighter from there out.

- Eurodollar futures -7.0 to +1.5 through the reads, with FRA/OIS widening

again, currently not operating at levels seen since 2009.

- Prelim UoM sentiment data is due today, but focus will be on all things re:

the Fed liquidity front.