Rates rallied/extended early NY........>

US TSY FLOWS: Rates rallied/extended early NY highs after ECB held rates steady

w/dovish message through 2020, Tsy yld curves bull flattening, volumes climbing

w/over 100k TYU over last hour pushing total volume >360k ahead the open.

Equities rebound, extend new all-time highs w/ESU9 at 3027.75.

- Awaiting data, weekly claims, durables, trade, wholesale/retail inventories,

also final leg of week's Tsy supply w/$32B 7Y auction later.

- Overnight flow included misc acct selling into early bid, real$ and swap-tied

buying 10s, fast$ and prop acct buying intermediates to long end post ECB. Light

deal-tied flow, pre-auction short sets ahead Tsy supply, carry-over buyers

intermediate cash.

- The 2-Yr yield is down 1.4bps at 1.8039%, 5-Yr is down 1.9bps at 1.791%, 10-Yr

is down 2.4bps at 2.0184%, and 30-Yr is down 2.3bps at 2.5495%.