Choppy day for US rates, not quite.....>

US TSY FLOWS: Choppy day for US rates, not quite as directional as Tuesday

action vs. contagion risks: Coronavirus continues spread while WHO contemplates

international emergency warning. Tsys were higher for the most part by the

close, long end outperforming, short end showing mild gains while 10Y trades

weaker most of session. Decent overall volume largely occurred in first half,

while corp supply hedging ahead midday weighed.

- Little react to positive home sales data, Fed in media blackout. Hearing

growing caution from researchers over eminis steady climb over the past year

(tapped 3337.5 today). Derivatives: while put skew > calls, risk-off insurance

call buying starting to pick. Continuing to generate decent hedging flow: just

over $12B priced on day after $10.1B in high-grade issuance on Tuesday.

- Bank of Canada held overnight rate target at 1.75% but dropped "appropriate"

for maintaining interest rate: "door open to rate cut amid slowdown risk" Greg

Quinn, MNI Canadian policy analyst reported.

- The 2-Yr yield is down 0.6bps at 1.5242%, 5-Yr is down 0.3bps at 1.5716%,

10-Yr is down 0.9bps at 1.7656%, and 30-Yr is down 2.1bps at 2.2153%.