Another round of heavy selling in......>

US TSY FLOWS: Another round of heavy selling in equities (S&P cash low 2262.0,

well below Dec 26, 2018 gap low of 2346.0) as well as Tsys, several circuit

breakers triggered through the day.

- Both rates and equities bounce late, however, coinciding with Senate passing

House virus response bill after the NY close. House advisor Kudlow also

suggested "GOVERNMENT MIGHT TAKE EQUITY POSITION AS PART OF AID" Bbg.

- Sources also note day saw "biggest 7-day gain for the US Dollar since Black

Wednesday in 1992." Meanwhile, Brent crude futures fell below $25/bbl for the

first time since 2003.

- Short end rates outperformed, yld curves surged, 3M10Y around 2 year highs at

123.653 only a couple weeks after trading inverted around -29.0!

- The 2-Yr yield is up 4.1bps at 0.5337%, 5-Yr is up 4.5bps at 0.7879%, 10-Yr is

up 11.3bps at 1.1915%, and 30-Yr is up 10.3bps at 1.7875%.