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As noted -- strong.....................>

US TSY FLOWS
US TSY FLOWS: As noted -- strong risk-off/safe-haven bid for Tsys/selling
equities (ESH0 -35.0 but off lows)/Gold was nearly $22.0 higher following last
night's US Strike On Iran's Soleimani, turning up to already high ME tensions
after US Defense Sec. Esper warned potential for "preemptive strike" vs. Iranian
militia Thursday morning. Yld curves resume bull flattening w/3M10Y 10bps off
Thu's highs, 2s10s 8bps flatter.
- Overnight flow on heavy volumes (TYH>650k) includes better buying across the
curve from myriad accts on news of the strike early overnight, followed by
couple waves of selling into strength going into the London open and more
recently ahead the NY open from real- and fast$ w/Tsys trimming gains. Decent
swap-tied buying 2s-5s on good size w/ith some profit taking in 3s and 5s more
recently. Tactical steepener unwinds from prop accts in 2s10s. 
- The 2-Yr yield is down 3.2bps at 1.5366%, 5-Yr is down 4.6bps at 1.6206%,
10-Yr is down 4.9bps at 1.8282%, and 30-Yr is down 4.4bps at 2.2872%.

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