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US TSYS: T-Notes operate in familiar territory as risk aversion spilled over
into Asia-Pac hours, last +0-01+ at 138-29+, on decent enough volume of ~73K,
given the China & Hong Kong holiday. Bulls seem reluctant to force a test of
recent range highs, at least for now, even with broader equity markets trading
on the defensive, perhaps that is a function of the lower liquidity in Asia.
Yields marginally richer across the curve.
- Key tensions evident Wednesday incl., heightened U.S. COVID-19 worry, with
Houston grinding towards its ICU capacity, as well as NY, NJ & CT outlining a
quarantine for arrivals from virus hotspot states, U.S/EU trade matters &
Sino-U.S. sabre rattling. Month-/quarter-end rebal focus & dip in oil markets
may have also supported the move further. The latest 5-Year auction stopped
through WI by 0.6bp, as the cover topped recent avgs & dealer participation
pared back below recent avgs, as both direct & indirect participation picked up.
- Very little to pen re: headline news flow overnight, outside of a BBG source
report pointing to heightened Sino-Indian trade tensions.
- 7-Year supply, weekly claims and durable goods data all due Thursday.