Treasuries have ground gradually....>

US TSYS SUMMARY: Treasuries have ground gradually higher today in line with

other key global bond markets, with curves bull flattening.

- Part of this move may be driven by a NYT report that state officials were

being urged by the White House not to announce data relating to claims for a

while, with the report explicitly saying that states should "delay releasing the

precise number of unemployment claims." This has led to speculation that the US

labour market was in significantly poorer health than was known.

- Elsewhere Californian Governor Newsom has ordered all residents across the

state to remain at home.

- The move higher in USTs is in spite of a decent recovery in stocks as markets

continue to dislocate. S&P futures are up around 3% on the day at writing.

- 2y yields down -5.3bp today at 0.402%

- 5y yields down -10.1bp today at 0.589%

- 10y yields down -16.2bp today at 0.982%

- 30y yields down -21.7bp today at 1.571%

- Curves: 2s10s down -10.9bp today at 58.0bp, 10s30s down -5.5bp today at 58.9bp