*** Mildly higher on the day, off...>

US TSYS SUMMARY: *** Mildly higher on the day, off midday highs in the lead-up

to Friday's Feb payroll (+220k est), unemployment rate (4.1%) and avg hourly

earnings (0.2% est). On the political stage, waiting for Pres Trump to sign

import tariffs on metals.

- US% index rebound (DXY +.528, 90.165); equities stronger (emini +10.75,

2739.0); gold weaker (XAU -3.77, 1321.75); West Texas crude weaker again (WTI

-0.88, 60.27).

- Tsy opened lower, following ECB annc, long end leading/extending modest low

end of range. Rates rebounded more on mildly dovish ECB Draghi statements than

to domestic data (weekly claims +21k to 231k). ECB removed reference to

increasing size/duration of the APP in the press statement. Rates gradually

traded higher into midday, huge Bund short cover flow lifted EGBs, Tsys in tow.

- Decent deal-tied flow, good pick-up ahead typically quiet Friday's for

issuance; two-way trade/positioning ahead Fri's data. Heavier bullish option

trade, largely long put unwinds/buying calls.

Late ylds: 2Y 2.250%, 3Y 2.413%, 5Y 2.628%, 7Y 2.782%, 10Y 2.859%, 30Y 3.129%