Yields biased lower in early cash trade,....>

US TSYS: Yields biased lower in early cash trade, with nothing new in the way of

positives in Trump's address re: coronavirus, if anything markets are

disappointed with the regurgitation of what was known, as well as the potential

for some deflection towards Vice President Pence, as he is named head of

coronavirus response. Markets are still probably viewing the administration as

being behind the curve in its virus response, with Trump's latest commentary a

little floundering.

- Yields 0.9-2.6 bp lower across the curve, as bull steepening extends.

- T-Notes 0-05+ back from highs seen after the cash re-open, last -0-04 at

133-06.