Rates trade softer, near low end.......>

US TSY FLOWS: Rates trade softer, near low end narrow range that developed since

midmorning. Relatively quiet session -- decent futures volume by the close:

TYM>1.2M but near 500k traded by the open.

- Tsy yld curves mostly flatter, 3M10Y off just above inversion (+3.967, 1.089,

L: -5.587 / H: 1.267); not surprisingly, VIX weaker/near lows (-1.10, 15.34);

equities firmer/near highs (ESM9 +33.0).

- Little to no react to data or Fed speakers (not a lot of mkt risk in Fed

Brainard reiterating "Proceed Cautiously"). Even US/China trade headlines

remained relatively calm.

- Session flow included ongoing Jun/Sep Tsy futures rolling (2s and 5s leading

charge), better swap-tied selling in 2s-10s, moderate deal-tied flow, near 10k

Eurodlr Red pack (EDM0-EDH1) Block buys.

- On tap for Friday: May Michigan sentiment index; Q1 e-commerce retail sales;

Q1 Advance NSA Service Revenue; Apr BLS state payrolls; Apr leading indicators.

- The 2-Yr yield is up 4.7bps at 2.2066%, 5-Yr is up 4bps at 2.188%, 10-Yr is up

3.4bps at 2.4068%, and 30-Yr is up 2.1bps at 2.8408%.