Treasuries have returned from the...>

US TSYS SUMMARY: Treasuries have returned from the long weekend testing best

levels since early February, on heavy volumes (775k TY as of 0630ET).

- Markets still cautious following Apple`s earnings warning overnight;

Wal-Mart's 2021 EPS forecast and Q4 earnings missed expectations.

- Strong bull flattening in the curve; 30-Yr has hit lowest yields since Sep.

Not to mention 3M 10Yr inverted again.

- 2-Yr yield is down 3.3bps at 1.3953%, 5-Yr is down 3.9bps at 1.3766%, 10-Yr is

down 4.1bps at 1.544%, and 30-Yr is down 4.9bps at 1.9903%.

- Empire manufacturing at 0830ET would usually be decidedly second-tier data,

but it is one of the early reads on the current `coronavirus` state of play.

- Same goes for Philly Fed later this week, and Friday`s flash Markit PMIs.

- Bloomberg`s prob of winning the Dem nomination ticked up a little this morning

(fr 27% to 29%): NPR/PBS/Marist poll showed him 2nd w 19% behind Sanders` 31%;

qualified him for Wednesday`s Dem debate (as was widely expected).

- No Fed speakers today; Wednesday sees a slew though, plus Jan FOMC minutes.