Carnage in markets overnight has....>

US TSYS SUMMARY: Carnage in markets overnight has Treasuries still on the front

foot though off early panicked highs.

- No misprints here: 2-Yr yield is down 22.4bps at 0.2825%, 5-Yr is down 24.3bps

at 0.3665%, 10-Yr is down 30.9bps at 0.4533%, and 30-Yr is down 40.9bps at

0.8783%.

- Jun 10-Yr futures (TY) up 67/32 at 140-0.5 (L: 138-15 / H: 140-24).

- We`re still limit down on S&P futures (off 5%); WTI has bounced from 30%

initial drop but still off 20% or so.

- Markets pricing at least 75bps in Fed cuts by next week`s FOMC, and seeing a

fair bit of sell-side commentary speculating about another emergency cut prior

to the official meeting.

- No data or Fed speakers today (blackout period lasts `til the FOMC).