T-Notes +0-01+, at 131-15+ after the........>

US TSYS: T-Notes +0-01+, at 131-15+ after the contract edged off highs,

alongside an uptick from lows in equities. Bull steepening was the theme on

curve, yields finished 3.2-5.3bp richer at the bell. Coronavirus worry in Japan

& South Korea spilled over into wider trade Thursday, with continuing worry re:

recession in the former, while the latter has seen its total case count > 100 &

the 1st death in the country from the disease. A meeting is being convened this

morning, which aims to come to a decision re: will South Korea raise its virus

alert level to red from orange. The country could also role out containment

measures. Elsewhere, talk surrounding a virus outbreak in a Beijing hospital

also kept risk at bay. Focus continues to fall on swap spread tightening in the

wake of the recent Formosa issuance deluge.

- Main takeaway from Fed Vice Chair Clarida's interview on CNBC appeared to be

him suggesting that he prefers to look at surveys for pricing of cuts, rather

than market pricing itself. Basically implied that he doesn't think most market

participants really expect a cut this year.

- Eurodollar futures sit unchanged to 1.0 tick higher through the reds.