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Treasuries have bounced strongly....>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries have bounced strongly from session lows, with weak
German factory data at 0200ET initially helping the bid, and some follow through
since 0400ET alongside a mild retracement in equities.
- Mar 10-Yr futures (TY) up 1.5/32 at 130-19 (L: 130-07 / H: 130-20.5), some
bull flattening in cash: 2-Yr yield down 0.8bps at 1.4352%, 5-Yr down 0.8bps at
1.4549%, 10-Yr down 1.2bps at 1.6387%, and 30-Yr down 2.3bps at 2.1151%.
- Lows hit around 2300ET on headlines China would roll back some US tariffs;
slightly hawkish comments from ECB's Lagarde at 0300ET also weighted briefly.
- Choppy since then but the momentum remains upward, with volume again looking
healthy (640k TYs traded as of 0630ET).
- With Trump Senate trial and State of the Union out of the way, attention turns
back to New Hampshire Dem primary next week (still awaiting final Iowa result,
with Buttgeig holding slim lead over Sanders with 97% of precincts reporting).
- Jan Challenger Job Cuts at 0730ET and jobless claims at 0830ET will garner
some attention ahead of Friday's nonfarm payrolls release.
- Dallas Pres Kaplan speaking on the economic outlook at 0915ET (with Q&A).

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