Tsys ylds slipped lower on Thu's.......>

US TSY FLOWS: Tsys ylds slipped lower on Thu's shortened pre-holiday session,

initial impetus from weaker than expected German PMI and then Eurozone metrics.

Better rate futures selling post retail sales data, selling evaporated soon

after -- not a risk-on move w/equities trading strong on session.

- Heavy Eurodollar option trade in Dec 1Y midcurve upside calls targeting rate

cuts by year end. short Dec 80/85/86/91 call condors w/ short Dec 80/85/90 call

flys, total db from 10.5-11.0 between pit and screen. Limited downside call

package painting a wide swath in the underlying while positioning for rate cuts

to be priced into late 2020 (EDZ0 currently 97.72).

- On tap for Friday: Markets closed for Easter weekend, nevertheless March

housing starts and building permits will be released as will March BLS state

payrolls, St. Louis and NY Fed Real GDP Nowcasts. Note, the Federal Reserve's

media blackout start Saturday April 20 and runs through May 2.

- The 2-Yr yield is down 2bps at 2.3802%, 5-Yr is down 3.5bps at 2.3675%, 10-Yr

is down 3.8bps at 2.556%, and 30-Yr is down 3.6bps at 2.9587%.