Thursday's trade a BIG let-down........>

US TSY FLOWS: Thursday's trade a BIG let-down after Wednesday's active session,

very quiet on net -- though month end flow saw heavy selling into the bell,

curves bending off flatter levels most of session. Futures gaining last few

minutes as selling evaporates. Equities sliding (SPX -12.0, 2783.0); US$ index

mildly higher (DXY +.044, 96.198).

- Much lighter option flow on day, but tone remains bearish for second day as

opposed to call buyers fading the move in the underlying.

- Rates opened bid but reversed direction/traded lower all session after GDP

+2.6; PMI 64.7 -- highest since Dec 2017. Little react to several Fed speakers

towing the line (on net). Mkts remain sensitive to US/China trade headlines.

- On tap for Friday: NA-made light vehicle sales throughout the session; January

personal income (0.3% est); Dec current dollar PCE (-0.1%); February Markit Mfg

Index; March Michigan sentiment index (f) (95.8 est); February ISM Manufacturing

Index (56.6, 55.5).

- Tsy cash/ylds: 2Y 99-30.62 (2.520%), 5Y 99-10 (2.521%), 10Y 99-04 (2.722%),

30Y 99-09.5 (3.086%).