Rates well bid all session with Tsys...>

US TSY FLOWS: Rates well bid all session with Tsys extending highs after the

bell, late risk-off with equities selling off through the second half, near lows

into the close (emini -39.0, DJIA -353.5, NDX -244.71). Ongoing factors at play:

- Virus count: CA +2.9% vs. +2.5% 7D avg, total US case count >4M and accounts

for appr 25% worldwide cases. 

- US/China tension: certainly not going to cool geopol tensions down: "U.S.

CHARGES RESEARCHERS FOR CHINA, THREE HAVE BEEN ARRESTED" Bbg "FBI PROBES VISA

HOLDERS SUSPECTED OF TIES WITH CHINESE MILITARY" Bbg.

- CARES Act uncertainty, while bipartisan support exists, question whether it

will pass Trump without the payroll tax cut?

- Session flow on light volume included two-way in 2s-5s, prop acct joined

continued real$ buying in 10s-30s.

- The 2-Yr yield is up 0bps at 0.1493%, 5-Yr is down 0.8bps at 0.2659%, 10-Yr is

down 1.6bps at 0.5807%, and 30-Yr is down 5.1bps at 1.2424%.