More or less status quo for US risk....>

US TSY FLOWS: More or less status quo for US risk metrics US/China trade,

geo-pol tensions), while Brexit politics moved to the fore. UK PM Johnson

received permission from the Queen to "prorogue parliament" or suspend sessions

to restrict oppositions time to disrupt a no-deal Brexit.

- Tsys bid but well off early highs when 30YY tapped near all-time lows

(1.9039%), near middle of range after the bell. Yld curves net changes mixed/off

lows after 3M10Y and 2Y10Y curves made new 12+ year lows. Heavy volume again

tied to Sep/Dec rolling that has nearly run it's course (Dec top step Friday).

- Swap spds collapse/extend inversion in second half, short end resisting move

after better rate paying in 2s-5s and light receiving in 6s and 8s earlier.

Decent and varied cross-current fly action in shorts to intermediates.

- Strong US Tsys $41B 5Y note auction (91288YE4), stopped out: awarded 1.365%

rate vs. 1.372% WI (previous $41B 5Y awarded 1.824%); 2.48 bid/cover vs. 2.26

prior (2.49 avg).

- The 2-Yr yield is down 1.8bps at 1.504%, 5-Yr is down 0.4bps at 1.3743%, 10-Yr

is down 0.3bps at 1.4677%, and 30-Yr is down 0.9bps at 1.9414%.