A big rebound in equities...........>

US TSYS SUMMARY: A big rebound in equities following last night's Mnuchin/Trump

signalling of coronavirus fighting stimulus measures has put pressure on

Treasuries after Monday's record-setting session.

- Big bear steepening in the cash curve; The 2-Yr yield is up 10.8bps at

0.4887%, 5-Yr is up 15.5bps at 0.6324%, 10-Yr is up 18.8bps at 0.7288%, and

30-Yr is up 26.2bps at 1.2576%.

- Jun 10-Yr futures (TY) down 69.5/32 at 137-9 (L: 137-03.5 / H: 139-13.5),

fairly muted volumes given the circumstances (637k TYs traded so far).

- Trump due to give a statement on fiscal measures/stimulus but no specific time

given as yet (we'll let you know when we hear).

- Against this backdrop, S&P e-mini futures have hit limit up (2,879, i.e. up

5%).

- Note that CME announced it is raising margins for 2-/5-Yr Tsy futs among a

slew of other instruments, effective after close of business today.

- 3-Year auction ($38bln) at 1300ET.

- No data of note (NFIB confidence beat expectations slightly).