Treasury yields cheapened overnight as 10-years and 30-years backed away from near term resistance at 1.93% and 3.15%, respectively. Asian stocks were mixed with Australia +0.8% as RBA governor Stevens said that "it's fair to say easing is more likely" while "there is a good deal of interest rate stimulus in the pipeline." In Europe, solid German IFO helped equities rally across the board as Bund yields sold off. The Metals market initially rebounded though is now again trading negatively, continuing the trend after the last couple of sessions.
Moreover, “Our overnight Treasury flows saw light volume with bank buying in 10-years, bank paying in 10-years, and a money manager buying 10-yeas and 30-years. Overnight Treasury broker volume was 94% of the 10-day average.” they add.