T-Notes working lower in early Asia trade...>

US TSYS: T-Notes working lower in early Asia trade after going at just above

worst levels Weds, despite the broader risk-off news flow, as the curve

steepened, extending on late pressure in the long end. Contact -0-17+ at 136-27.

Various suggestions for the pullback Wednesday, despite the heavy tone in

equities, with people pointing to risk parity moves, liquidation to meet margin

calls elsewhere & potential selling out of the Middle East on the back of fiscal

worry re: oil developments. Whatever the reason, this outweighed the WHO's

decision to label COVID-19 a pandemic (finally), a rocket strike on a coalition

base in Iraq (which has killed 3) & a general round of increased worry/fresh

measures to combat the virus. On the virus front, U.S. President Trump is set

make an address from the oval office at 21:00 Eastern this evening (01:00 GMT).

Rumours point to outlining stricter travel measures, more clarity on the tax

plan and possibly invoking the Stafford Act to access disaster relief funds.

- Also worth noting the dislocations evident between CTDs & futures on

Wednesday, which seemingly drove the NY Fed into announcing beefed up overnight

repo ops, in addition to introducing 1 month repo facilities.