Best volumes of week (TYU>950k) as.....>

US TSY FLOWS: Best volumes of week (TYU>950k) as rates reverse strong risk-off

tone on open to weaker by the bell (session lows w/ bonds near middle of Thu's

range); equities pulling higher (ESU0 +34.0).

- Rates reversed early strength as equities bounced apparently positive reaction

to new Gilead report on Remdesivir: 74.4% of COVID patients treated with the

drug recovered

by day 14. 

- Little/no react to Trump expressing low chances of Phase 2 trade deal with

China (not to mention US carrier group presence in South China Sea), events that

would have spurred strong safe haven buying a few months ago.

- Flow two-way in intermediates to long end, fast$ steepener resets after

unwinding on Thu's bull flattening move.

- Reminder, CME Group is reintroducing the 3Y note futures next

- The 2-Yr yield is up 0.2bps at 0.1529%, 5-Yr is up 1.6bps at 0.2992%, 10-Yr is

up 2.5bps at 0.6381%, and 30-Yr is up 1.7bps at 1.3308%.