T-Notes had a fairly lacklustre open,.......>

US TSYS: T-Notes had a fairly lacklustre open, slipping a bit since. The

contract last trades -0-06 at 137-25 as U.S. equity index futures have ticked

higher. Broader focus remains on familiar themes of the coronavirus outbreak and

monetary/fiscal response. U.S. Pres Trump said that the epidemic may last into

July or August, and acknowledged ("well, it may be") potential for recession.

Meanwhile, the U.S. is readying a bill to help the economy rattled by Covid-19.

Tsy Sec Mnuchin said that both House Speaker Pelosi & the Republican leader

McCarthy have agreed to some technical fixes, clearing another hurdle for the

passage of the bill. Earlier on Monday, White House aide Kudlow told Fox that

the authorities are prepared to do "whatever it takes" to save the economy &

floated some ideas, such as a temporary elimination of payroll tax or bailing

out the airline industry. 

- The curve runs steeper as we type, with yields sitting 0.0-5.0bp higher in

cash trade. Eurodollar futures last seen up to 3.5 ticks lower through the reds.

- Reminder: U.S. retail sales & industrial output come out later today.