Choppy day for rates with much of......>

US TSY FLOWS: Choppy day for rates with much of the heavier volumes (TYH>2.9M)

occurring in the first half. Carry-over risk-off bid for Tsys helped push ylds

to new all-time lows in early Asia trade (10YY 1.0283%; 30YY 1.5803%). Yld

curves bull steepening on increased prospect of FOMC making several rate cuts

this year. Accts sidelined ahead Fri's employment data.

- Bouncing off post open lows, futures and implied vols received boost from

equities moving lower. Early flow included fast$ selling 2s-10s turning two way

with prop and real$ buying intermediates now, swap-tied buying 2s and 30s,

selling intermediates. Little to no react to data, focus more on COVID-19 virus

response rather than steady rise in case counts and mortality figures for once.

- No single factor but myriad smaller items helped equities climb higher through

the session, eminis +84.0 in late trade. G7 finance ministers and central bank

bankers to join Tuesday's call to discuss a response to the Coronavirus at

0700ET. 

- The 2-Yr yield is down 8.1bps at 0.8317%, 5-Yr is down 6.5bps at 0.8702%,

10-Yr is down 5.9bps at 1.0898%, and 30-Yr is down 2.9bps at 1.646%.