Tsys tap/extend late overnight......>

US TSYS SUMMARY: Tsys tap/extend late overnight lows by the bell as stocks climb

(emini +23.5, 2670.5), also seeing pressure from FX-accts (US$/Yen>107.45).

Tariff concerns? What concerns? Oh, by the way, China/Hong Kong mkts closed for

holiday Fri. US$ index firmer (DXY +.331, 90.473); gold weaker (XAU -7.75,

1325.57); West Texas crudes little firmer (WTI +0.28, 63.65). Relative quiet

ahead Fri's headline Mar NFP (+190k est) AHE (+.3% est).

- Tsys opened w/a mild risk-on tone w/carry-over bid for equities after late

Wed's bounce (on eco-adv Kudlow off-cuff comments that China tariffs tariffs

w/China may not go into effect). Little/no react to weekly claims (+24k to 242k)

while Feb trade deficit widened to -$57.6b vs -$56.7b exp.

- Two-way flow w/better fast- and real$ sellers in intermediates later in

session, deal-tied flow in the mix on decent pick-up in corp issuance on day

($9.3B). Light curve flattener unwinds in 2s vs. 5s and 10s. Decent option flow

hedging short term downside risk in event of better than expected NFP in

conjunction w/strong AHE. 

- Late ylds: 2Y 2.303%, 3Y 2.444%, 5Y 2.638%, 7Y 2.764%, 10Y 2.828%, 30Y 3.074%