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Treasury prices moved higher overnight after receiving a boost from weaker than expected PMI data from Europe and a dovish pledge by the ECB to keep rates at current levels through the summer. Today’s US economic calendar is limited to the Weekly Jobless Claims and Leading Indicators. New Claims unexpectedly dipped to 199k (218k est), which was the lowest level almost half a century. This was despite a rise in claims created by furloughed works. Currently, the 10yr yield is at 2.719% (2.775% Wednesday) and the 2-10 spread is 15 bps, 2 bps flatter since yesterday morning.