By The Order Of The President

The delivery of U.S. President Trump's Executive Order re: bans for both TikTok & WeChat unless they are sold by their parent companies within 45 days supported the Tsy space in overnight trade, however, the move was limited, given the suppressed outright levels of Tsy yields across the curve and the lack of surprise re: the declaration. T-Notes last +0-02+ at 140-07+. Curve has bull flattened with yields printing 0.4-1.9bp richer across the curve in cash trade.

• This comes after the space reversed off richest levels in NY hours on Thursday, paring a chunk of the sharp bull flattening that was witnessed earlier in the day. Still the curve was a touch flatter come the bell. The pullback from extremes was largely driven by positive rhetoric from senior political figures on the Hill re: the prospects of a fiscal relief deal. However, no firm commitments have been made, with clear divergences still evident and the Senate now adjourned for the weekend. A kick higher in equities surrounding the U.S. unwinding its advisory on avoiding international travel also provided some pressure for the space, although country-specific levels of travel advice will be in play.
• Elsewhere, Fed's Barkin expressed his caution re: the economy, while Fed's Kaplan reaffirmed his scepticism surrounding yield curve control, although he did stress that he is keeping an open mind on the matter.
• NFPs and an address from Fed's Rosengren are due Friday.