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Another busy morning session for....>

US TSYS SUMMARY
US TSYS SUMMARY: Another busy morning session for Treasuries with elevated
volumes. 
-Treasuries took their cue from EGB price action, and we shouldn't surprised to
see that Safe Haven assets, Bund and Tnotes, have once again been bid, with
Equities on on the back foot, albeit off their lows for the latter. 
-It is 1st notice day, and June contract is now the front month for the long.
-Focus is squarely on Global contagion risks and the re pricing of the US rate
cut outlook. 
-This morning, Money Market are pricing 25bps cut in March, but Fed Funds and
OIS are lagging behind with odds moving just towards 70%. -An April cut of 25bps
is fully priced with a 50% chance of a 50bps cut at the April meeting. 
-Three Rate cut are now priced for the year, with some investors, of course
moving from the back ned of the year, towards the 2nd quarter of the year. 
-Looking we have plenty of data in focus, but difficult to see markets getting
any traction with all the focus on Covid-19 and likely positioning as we head
into the weekend.

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