Following early morning chop w/Tsys....>

US TSY FLOWS: Following early morning chop w/Tsys making session lows after the

bell, futures finish mildly weaker, near middle session range after holding

narrow range in Jan FOMC minutes. 

- While the late Jan minutes cautioned coronavirus needs "close watching",

current policy "likely to remain appropriate for a time". "Maintaining the

current policy stance for a time could be helpful in supporting U.S. economic

activity and employment in the face of global developments that have been

weighing on spending decisions."

- Equities continue to power higher, S&Ps making new highs (3391.75); sources

citing jump in USD/Yen (111.58 late) as supportive for equities. But as long as

the ECB funds co's at zero rates to make acquisitions, sources pointed out,

equities unlikely to sell off.

- Session flow included central bank selling in short end, decent deal-tied

hedging (two-day total >$30B high-grade debt issued). Surge in Mar/Jun Tsy

rolling. The 2-Yr yield is up 1bps at 1.4219%, 5-Yr is up 0.7bps at 1.4045%,

10-Yr is up 0.3bps at 1.5644%, and 30-Yr is down 0.1bps at 2.0097%.