Everything is selling off again,....>

US TSYS SUMMARY: Everything is selling off again, with Treasuries taking another

battering overnight, and S&P futures limit down 5% (the SPY ETF is off 6.6%,

suggesting further loss potential after the bell).

- Jun 10-Yr futures (TY) down 39.5/32 at 134-21 (L: 134-02.5 / H: 136-00.5)

- The 2-Yr yield is down 1.9bps at 0.4736%, 5-Yr is up 0.8bps at 0.7512%, 10-Yr

is up 5.1bps at 1.129%, and 30-Yr is up 2.1bps at 1.7049%.

- What will we see on the fiscal front? Reports of a $1+trn stimulus including

hundreds of billions in direct payments to individuals failed to assuage markets

in the face of Treas Sec Mnuchin talking about 20% unemployment rates possible.

- What can the Fed do next? We`ve seen a bit of relief in some areas of

short-term funding since yesterday`s Fed announcements but hardly clear sailing.

- Talk of more 2008 facilities being revived, including TALF (see

Bernanke/Yellen column in the Financial Times for an example).

- White House will be holding its coronavirus task force press briefing at

1130ET; Trump has calls and meetings with business leaders all day.

- Highlight of the data slate is Feb housing starts/permits at 0830ET.