Generally quiet, two-way trade in......>

US TSY FLOWS: Generally quiet, two-way trade in session ahead Jan NFP, volumes

decent (TYH>1.7M) but off heavier pace in lead-up to current session. Jan NFP

estimates gained slightly after Wed's ADP private employ number came out much

better than expected (+291k), Fri's employ ests' climbed to +163k from +160k. 

- Equities held minor gains (emini +10.0 at 3345.0) late, Gold climbed over

1566.0 after plummeting last two sessions.

- Little to no react to data (weekly claims below exp 202k; prelim nonfarm prod

+1.4%; ULCs +1.4%) and Fed speak (Dallas Fed Kaplan, former Mn Fed Pres

Kocherlakota) as well as rather limited number of coronavirus headlines took the

wind out of implied vol and algo-trading desk's sails.

- Inside range for much of the session, the long end extended session highs

late. March/June futures rolling ahead gradually picked up. 

- Conditional bear curve flatteners via Eurodollar options and Tsy 10Y over

bonds (-TYK 132 calls vs. +USK 164 calls) was consistent theme for day.

- The 2-Yr yield is up 0bps at 1.4432%, 5-Yr is down 0.8bps at 1.4549%, 10-Yr is

down 1.4bps at 1.637%, and 30-Yr is down 3.3bps at 2.1055%.