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It`s been a risk off session........>

US TSYS SUMMARY
US TSYS SUMMARY: It`s been a risk off session despite (because of?) the Fed`s
rate cut/QE announcement late Sunday. The curve is trading mixed with the long
end underperforming; volume is pretty low (TYs under 500k) given circumstances.
- Jun 10-Yr futures (TY) up 45/32 at 137-22 (L: 136-20 / H: 138-30.5)
- The 2-Yr yield is down 18.2bps at 0.3082%, 5-Yr is down 22.3bps at 0.4936%,
10-Yr is down 19.3bps at 0.7671%, and 30-Yr is down 13.7bps at 1.3922%.
- Stock futures limit down.
- As regards Sunday`s Fed announcement, NY Fed to purchase $40bln in Tsys today
... and $80bln of MBS over the next month.
- We`ll put out a FOMC Review later today (our preview of Wednesday`s meeting
has been cancelled for obvious reasons).
- March Empire Manufacturing survey out at 0830ET (survey 4.9) could be of
interest to gauging latest activity developments re COVID-19: the survey is sent
out on the 1st of the month and closes on the 15th.

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