Another generally quiet despite........>

US TSY FLOWS: Another generally quiet despite another terrible weekly claims

figure of 2.98M, worse than estimated 2.5M but better than the 3.6M 4-wk avg.

Little to no react on data, rates did garner risk-off buying after Trump

expressed possibility of punitive action against China over trade. Nevertheless,

Tsys see-sawed in a relative narrow range for much of the session.

- Tsys receded off midday highs to session lows as equities recovered/trade

higher as financial names outperformed. Note, 30YY at 1.2980% still near 2 week

lows, compared to 1.1272% on April 22, and all-time low of 0.7050% on March 9.

- Eurodollar futures were mildly bid across the strip after after the bell,

short end reversed early losses apparently in react to Credit Suisse research by

Zoltan Poszar suggesting LIBOR/OIS to compress to 10-20bp by the end of June

(due to US$ swap lines and prime MMF inflows).

- Focus turned to April retail sales early Friday: -11.9% est vs. -8.4% revised

for Mar.

- The 2-Yr yield is down 0.4bps at 0.155%, 5-Yr is down 0.8bps at 0.3083%, 10-Yr

is down 2.3bps at 0.6298%, and 30-Yr is down 4.1bps at 1.3043%.