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US TSYS: T-Notes +0-01 at 130-25+ in early Asia trade. Coronavirus worry
(stemming for the change in Hubei province's methodology re: case counts & jump
in death toll) faded as we moved through yesterday's session, with the contract
going out closer to its lows on Thursday, with some modest flattening of the
curve observed in cash trade. Still worth noting that both market and U.S.
official (Kudlow) worries persist re: China underreporting the figures, which
helped base the space as we moved through NY trade. Focus on tonight's Hubei &
national Chinese case counts, to see if yesterday was a one off or if case back
logs/new count methods are still filtering through.
- The latest 30-Year auction added to the flattening impetus Thursday, stopping
through by 0.7bp. Cover moderated at the margin but still above the 6-auction
avg, little to note in the takedown dynamics.
- The latest monthly repo schedule announcement from the NY Fed saw a staggered
cut to term repo op sizes, and a reduction of overnight repo op sizes (pace more
aggressive vs. most exp.). T-Bill purchase sizes were left unch.
- 6-tranche, $9.25bn issuance from Carrier across 3-30 Year tenors seen Thurs.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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