After unusually high volumes in.....>

US TSYS SUMMARY: After unusually high volumes in the overnight session (as

markets digested China-Hong Kong tension headlines), interest wore off as the

holiday-shortened day (which was also devoid of data and speakers) went on.

- Treasuries slowly turned lower from the European early morning onward as

equities regained their poise and headed higher; S&P flat on the day at the time

of writing. Seemingly, traders unsure in which direction the balance of risks

lies over the long weekend on COVID/China.

- Jun 10-Yr futures (TY) up 4/32 at 139-6 (L: 139-01.5 / H: 139-13.5) Curve a

bit flatter, 2-Yr yield is down 0.4bps at 0.1615%, 5-Yr is down 1.1bps at

0.327%, 10-Yr is down 1.6bps at 0.6558%, and 30-Yr is down 1.6bps at 1.3705%. 

- NYFed announced at 1200ET that it was dialling back purchases again, to

$5bln/avg daily, from $6bln, which was expected - no market reaction.

- Reminder that Monday is a U.S./U.K. holiday. Decent supply next week: $127bln

in 2-/5-/7-Yr notes for sale, plus a $20bln 2-Yr FRN reopen.

- April Durable Goods, Personal Income/Spending, second reading of Q1 GDP, and

MNI Chicago PMI all on next week's docket; Chair Powell and Beige Book too.