Another one of those days of extreme...>

US TSY FLOWS: Another one of those days of extreme vol in rates, several round

trip price action in different asset classes. Long end Tsys hit upside breakers

into NY open and close to doing it to the downside after the bell if the huge

sell-off continues despite heightened virus fears gripping mkts.

- After Wed's crazy price action (grudging rise in Tsy ylds in face of one-way

risk aversion that gave way to full on rout in long end Tsys well after the NY

close. Jun 30Y hit first breaker of 183-17 a little after 0512ET and receded.

WNM reversed late morning, delayed react from balance of curve, but rates gapped

lower after the NY close even as equities extended lows (emini -265.0).

Continued talk of large fund blowing out (possible, as a lot of pain going

around) and/or middle east accts (or any number of foreign real$ accts) selling

Tsys to gain liquidity: balance sheet re-allocations that include corporate and

FX accts bleeding into Tsys makes more sense.

- Whipsaw action, US Tsy $19B 30Y bond auction re-open (912810SL3) awarded

1.320% (2.061% last month) vs. 1.285% WI (had been whipping around into final);

w/ 2.36 bid/cover (2.43 prior).