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*** Market calming down after big......>

US TSY FLOWS: *** Market calming down after big ADP miss, while there was
certainly heavy buying, short covering/position squaring, stop outs on the way
up, there has been significant selling (including blocks) into the move, futures
scaling back bid in long end, short end continues to outperform as markets grow
accustom to thought of 2-3 rate cuts prior to year end (Larry Summers calling
for .5 cut this summer). 
* Fed's Brainard will be watching Fri's employ dat closely (him and everyone
else!). Trump Admin advisor Navarro weighing in on Mexico tariffs "may NOT go
into effect" lending to latest round of selling.
* Note yld curves broadly steeper while 3M10Y remains well inverted (23.984).
VIX vol index is actually weaker at moment -.04 at 16.98.

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