Tue's strong risk-on move tied to......>

US TSY FLOWS: Tue's strong risk-on move tied to Trump's 10% tariff delay to Dec

15 annc is short lived, perhaps too little, too late w/global economy dominoes

starting to fall (China IP falls to 17Y low; global equities retreating, etc). 

- Strong risk-off, futures extending late overnight highs, yld curves bull

flattening w/2Y10Y joining 3M10Y in inversion, both collapsing to new 12+ year

lows. New all-time low for 30YY 2.0139%. 

- Overnight flow included better buying across the curve, real$ bought short

end, modest two-way from fast$ and props in shorts to intermediates, some

stop-outs on the way up, bank portfolio and real- and fast$ buying long end.

Tactical steepeners unwound as 2s10s inverts first time since 2007.

- The 2-Yr yield is down 6.9bps at 1.5974%, 5-Yr is down 8.2bps at 1.5022%,

10-Yr is down 10.1bps at 1.6029%, and 30-Yr is down 11.8bps at 2.0451%.