Arguably quieter than usual.........>

US TSYS SUMMARY: Arguably quieter than usual overnight, with TY volumes a

relatively light 560k thus far,  Jun 10-Yr futures (TY) last up 3.5/32 at

137-11.5 (L: 136-13.5 / H: 138-16).

- A fair bit of crazy action, particularly at the long end, with 30-Yr Tsys

trading at a record 78bps wide to equivalent swaps. Curve sharply steeper with

the short end relatively anchored.

- The 2-Yr yield is down 2.3bps at 0.4584%, 5-Yr is up 0.4bps at 0.6074%, 10-Yr

is up 3.9bps at 0.8434%, and 30-Yr is up 9.3bps at 1.5324%.

- Indeed, despite the Fed`s multi-trillion dollar repo bazooka fired Thursday,

appears to still be a fair bit of dislocation in short-term funding markets. 3M

FRA/OIS hit a new  post-2009 high of 70.9bps.

- Equities on the front foot, S&P eminis nearing limit up which would be reached

at 2,595 (+5%).

- As usual of late, data likely to be ignored today in favour of virus

headlines, but 1000ET sees Michigan prelim confidence which had a survey period

of Feb 26 - Mar 11 and thus could be eyed for any impact from COVID-19.