Treasuries have been gaining for....>

US TSYS SUMMARY: Treasuries have been gaining for most of the overnight session

amid more coronavirus headlines (focused on a rising number of cases in S Korea

including their first recorded death from the virus).

- Mar 10-Yr futures (TY) up 5.5/32 at 131-08 (L: 130-30 / H: 131-09.5), with

continued flattening: 2-Yr yield is down 1.2bps at 1.4097%, 5-Yr is down 2bps at

1.3881%, 10-Yr is down 2.2bps at 1.5441%, and 30-Yr is down 2.6bps at 1.9875%.

- The Japanese Yen's depreciation continues to catch the eye. Some see as

harbinger of econ weakness in Asia; others as risk-on signal; others as anomaly.

- Plenty going on at 0830ET: Fed Vice Chair Clarida interview on CNBC; Feb

Philly Fed; and initial jobless claims. Richmond's Barkin speaking at 1320ET.

- $8bln 30-Yr TIPS sale at 1300ET.

- Bloomberg`s probability of winning the Dem nomination have plummeted

overnight, now down to 17% vs over 28% pre-debate. Sanders edged higher to 47%,

while Buttigieg is up to 13% from 7% (all Betfair odds).

- Trump's reelection odds haven't shifted though (59%), despite the theory that

a higher likelihood of Sanders winning the nomination benefited the incumbent.