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- Broadly higher across the curve,.....>

US TSY FLOWS
US TSY FLOWS: - Broadly higher across the curve, off highs on modest risk-off
unwinds in second half, algos selling late.
- Limited data, week opener all about China trade headlines. Risk assets in
retreat early as US/China trade angst resumed Sunday -- Trump gives China a
month to agree on a trade deal, threatens more tariffs; China blames Trump for
trade set-backs, will retaliate w/5%-25% tariffs on nearly 2,493 US goods ($60B)
on June 1. 
- Late Pavlovian response: Tsys trim gains, equities pare losses on latest China
related headlines: MNUCHIN SAYS U.S.-CHINA TRADE TALKS ARE STILL ONGOING, CNBC;
TRUMP SAYS HE HAS NOT MADE THE DECISION TO GO AHEAD WITH TARIFFS ON ANOTHER $325
BILLION IN GOODS FROM CHINA, Rtrs.
- VIX higher (+3.83, 19.87/21.32H) still off last wk 4M highs (23.38); equities
weak (ESM9 -73.75, 2813.25) but off 2802.0L. 
- Jun/Sep Tsy roll volume accelerates, decent swap-tied buying across curve 
- The 2-Yr yield is down 8.4bps at 2.1823%, 5-Yr is down 8.7bps at 2.1764%,
10-Yr is down 7.1bps at 2.3962%, and 30-Yr is down 5.2bps at 2.8346%.

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