The space feels the impact of emergency.....>

US TSYS: The space feels the impact of emergency action from the Fed, which

brought borrowing costs to near zero with a single 100bp cut, pledged to

significantly boost its asset holdings, and announced several other steps (see

earlier bullets). U.S. Pres Trump immediately welcomed the Fed's move via

Twitter. Meanwhile, during his presser on the decisions taken by the FOMC, Chair

Powell called for increased fiscal policy response, which he deemed "critical."

- Fed Chair Powell noted that "today's FOMC meeting today was in lieu of the

meeting scheduled for next Tuesday and Wednesday."

- Worth reminding that the Fed, BoJ, ECB, BoE, BoC & SNB agreed to coordinate to

ensure USD liquidity via swap lines.

- U.S. CDC has advised calling off all gatherings of 50 or more people, other

than regular operations (e.g. schools or businesses), for the next eight weeks.

- T-Notes trade +2-15 at 138-24 as we type. Yields last seen 21.5-33.0bp lower

in cash trade, with the belly of the curve outperforming. Eurodollars sit

7.0-16.75 ticks higher through the reds.