A risk-off session so far has.......>

US TSYS SUMMARY: A risk-off session so far has seen Tsys bounce, with a bit of

flattening in the curve, though fut volumes have been fairly lackluster.

- After a fairly hum-drum Asia-Pac session, Tsys rallied as stocks sank ~0330ET

- no particular catalyst seen, came alongside USD buying (some citing lingering

COVID fears). Risk took another leg lower ~0500ET as BBG picked up on a USTR

notice out late Tues that proposed tariffs on $3.1bln of European exports.

- Sep 10-Yr futures (TY) down 1.5/32 at 138-22.5 (L: 138-18.5 / H: 138-25).

- The 2-Yr yield is up 0.8bps at 0.1935%, 5-Yr is down 0.2bps at 0.3283%, 10-Yr

is down 0.3bps at 0.7086%, and 30-Yr is down 0.9bps at 1.483%.

- A limited data set lies ahead, though we get Chicago Fed's Evans speaking at

1230ET, and StL's Bullard yet again at 1500ET.

- After 2Y note auction stopped through Tues, at 1300ET today we get 2Y FRN

($20bln) and 5Y Note ($47bln) sales, in addition to $65bln of bills.

- NYFed buying ~$1.225bln in TIPS.