Choppy day on better volumes...........>

US TSY FLOWS: Choppy day on better volumes (TYM>1.1M) as rate futures see-sawed

higher/extending session highs later in second half after headlines that GOP

senators looking to introduce  "sanction legislation" against China (specific

reason why varies, but includes retaliation for virus spread, sources say). 

- Earlier: Not a big react to April CPI data, moderate two-way flow keeping

futures near midrange after release, seeing some real$ buying followed by

leveraged and prop acct selling, deal-tied hedging in the mix while equities

trimmed gains.

- By late morning: multiple Fed speakers at odds w/ Trump espousing negative

rates (via tweet) had Tsy futures gap higher, eventually blowing past overnight

highs. Markets await Fed Char Powell on eco-outlook Wednesday 0900ET. 

- Stopped through, US Tsy $32B 10Y note auction (912828ZQ6) awarded 0.700% rate

(0.782% last month) vs. 0.712% WI; 2.69 bid/cover (2.43 previous). 

- The 2-Yr yield is down 0.4bps at 0.1708%, 5-Yr is down 1.8bps at 0.3337%,

10-Yr is down 3.5bps at 0.6747%, and 30-Yr is down 3.9bps at 1.3774%.