T-Notes edge lower after a notable..........>

US TSYS: T-Notes edge lower after a notable moderation in the daily new

Coronavirus count out of China's Hubei province, to 349 under new methodology

(prev. 1,693), daily death toll at 108 (prev. 132). The province saw 1,209

patients discharged on Feb 19. Yesterday was the first day were the new national

cases were outnumbered by national patient discharges, which is set to continue

today (if the Hubei gives true representation). Contract -0-02 at 131-00+.

- Wednesday's U.S. session saw a particularly strong round of U.S. data, driving

T-Notes to session lows in early NY trade. The Minutes from the latest Fed

decision revealed officials said the new coronavirus outbreak warranted close

watching but generally viewed global growth concerns & trade policy uncertainty

as diminished, supporting their view that the current stance of MonPol was

appropriate to sustain the expansion. SOMA manager, Lorie Logan, also proposed a

plan to phase out term repo operations after April while stepping back the pace

of Treasury bill purchases in the second quarter, the minutes said.

- Flow saw real-money as better buyers in front end/belly, as the short end

underperformed at margin. T-Notes finished off lows, even with equities bid.