T-Notes managed to correct all of the.......>

US TSYS: T-Notes managed to correct all of the losses witnessed late Wednesday

in overnight trade, and more (see earlier bullets for some ideas around the late

sell off), with Trump's coronavirus fighting plan outlined during the overnight

session. The plan held no surprises & confirmed a widely touted European travel

ban, which weighed on risk appetite. NASDAQ 100 futures went limit down at one

point, but S&P 500 bears failed to force such a move before a recovery from

extremes.

- It was another thin liquidity, highly volatile Asia session. That was bereft

of major, market moving headlines elsewhere, so moves were largely flow driven

/broader theme based outside of the initial reaction to Trump's speech.

- T-Notes last +0-25 at 138-05+, well shy of highs, with the curve bull

flattening, after late flow in long end futures triggered steepening into

yesterday's NY close.

- PPI and 30-Year supply headline the local docket today, with the latter coming

in the wake of two soft auctions, that have seen demand hindered by the recent

vol/richening combo, resulting in wide tails.