A bit of risk-off in the Asia-Pac...>

US TSYS SUMMARY: A bit of risk-off in the Asia-Pac session (Trump threatening to

withhold W.H.O. funds etc) faded a little in early Europe trading, but

Treasuries were underpinned as doubts emerged over the E.U. recovery plan (S&P

futures now 1.4% off the session highs, 0.4% lower overall).

- That said, a narrow 8.5 tick trading range for TYs, albeit with decent volumes

so far (~275k as of 0630ET). Jun 10-Yr futures last up 9/32 at 138-28 (L:

138-20.5 / H: 138-29)

- The 2-Yr yield is down 0.4bps at 0.1733%, 5-Yr is down 1.9bps at 0.3511%,

10-Yr is down 2.6bps at 0.6996%, and 30-Yr is down 1.9bps at 1.4174%.

- Main event is Fed Chair Powell's Senate testimony at 1000ET (alongside Tsy Sec

Mnuchin) re the CARES Act. The prepared testimony was out late Monday and held

no revelations, though the Q&A will be closely watched.

- Concurrently, we get Minn Pres Kashkari (1000ET);Boston's Rosengren at 1400ET.

- 0830ET sees April housing starts/building permits datas.

- NY Fed buying $9.5bln in Tsys today; in supply, only Bill sales, with the

20-Yr auction eagerly eyed Wednesday.