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*** Prior to latest risk-off bid in....>

US TSY FLOWS
US TSY FLOWS: *** Prior to latest risk-off bid in rates by wide range of accts
(Bbg headline: "CALIFORNIA MONITORING 8400 PEOPLE FOR CORONA VIRUS: GOVERNOR"
rekindled bid), sources reported real$ selling 2s and buying 10s, fast$ selling
flys in the intermediates, real$ buying 7s and 10s, no deal-tied hedging but
there were some auction hedge unwinds/buying earlier. Some prop acct selling
strength in intermediates as levels recede slightly off latest move. 
- Obviously headline sensitive, rates quick to react then settle in with little
follow through. Option accts continue to be better buyers upside calls hedging
for as many as three rate cuts by year end.

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