A risk-on tone continues to.........>

US TSYS SUMMARY: A risk-on tone continues to prevail (S&P futs up another 1.4%),

with Treasuries weakening and the curve bear steepening.

- 2-Yr yield is up 0.8bps at 0.1972%, 5-Yr is up 0.3bps at 0.3455%, 10-Yr is up

2.3bps at 0.7446%, and 30-Yr is up 5.3bps at 1.5138%.

- Sep TY futs off lows but down 9/32 at 138-14.5 (L: 138-09 / H: 138-20).

- Tough to find anything new/noteworthy in the Fed's corporate bond purchase

announcement Monday, but between that and $1trn infra spending headlines, risk

continues to be very much on. And brushing off Asia geopolitical risk overnight.

- Plenty of attention on the 0830ET release of May retail sales, expected to

rebound sharply from April's lockdown-induced collapse. May Industrial Prod at

0915ET will also get a look.

- Fed Chair Powell gives Semi-Annual congressional testimony at 1000ET; Vice

Chair Clarida on the Econ/Policy outlook at Foreign Policy Association (text at

1600ET, speech delivered at 1800ET).

- In supply, 3 bill auctions (incl 52-Week) totalling $124bln today. NY Fed buys

~$4.4bln in Tsys.