T-Notes -0-02+ at 138-28, around Friday's...>

US TSYS: T-Notes -0-02+ at 138-28, around Friday's late session lows, despite

continued Sino-U.S. sabre rattling over the weekend. Elsewhere, members of the

U.S. COVID-19 task force are now in self isolation, including VP Pence

(according to BBG sources) and health professionals Fauci & Redfield

(confirmed), after one of Pence's aides was diagnosed with the virus. These

aren't really game changers in the broader scheme of things. Elsewhere, Fed's

Kashkari painted a bleak picture for the econ & suggested that Congress should

consider doing more. Further afield, the latest PBoC report has many looking for

deeper policy loosening as we move forward, which could be a little broader than

was probably envisaged, given the nuanced changes in some of the

rhetoric/omissions from the statement.

- Friday saw the NFP report reveal job losses > 20mn in April, although the

headline reading wasn't as weak as exp. Many (including the BLS, as it pointed

to categorisation issues) suggested the data masked a much bleaker picture.

- Tsy Curve bear steepened Friday, with an unusually busy IG slate helping the

move.