Risk off was the theme on Friday as....>

US TSY/RECAP: Risk off was the theme on Friday as worries over escalated trade

tensions and a soft NFP release boosted Tsys, which closed on highs.

- Spec and fast-money selling was noted in intermediate paper after initial

program and real-money buying in intermediates out to the long end after NFP.

- Comments from US NEC Chair Kudlow pointing to a softer trade stance briefly

helped Tsys back from highs.

- Real-money & insurance portfolio purchasing of 10s & 30s helped the space move

onto fresh highs, with block buys also aiding.

- Comments from Fed Chair Powell were mostly in line with what he said in his

initial address to congress so offered little impetus to markets.

- There was good buying in the red Eurodollar contracts.

- Swap spreads were wider, with the spread curve flatter.

- T-Notes last at 120.29+, US 10-Year yields last at 2.773%.