Global equity markets recovered which took away the recent flight-to-quality we have seen in fixed income. Tokyo flows skewed towards selling the belly and buying out the curve. In Europe, EGB’s are up 2bps across the board while the US 5/30’s curve has flatten by 2bps in the down-trade. Today we have no economic data but do have Fed’s Bullard and Williams speaking. Next week we have 2yr, 5yr and 7yr Treasury supply. View: As 10yr yields failed to take out the April 2017 low 2.165%, I like and am core short 10s and I will buy 5s on dips against it trading around both positions.