Busy Start To Busy Week For Fed Speakers

Treasuries have enjoyed gains in orderly Asia-Pac/European sessions to start the week, with Fed speakers set to highlight the day's (and indeed the week's) schedule.

• Risk appetite moderated on European COVID/vaccine concerns and a Turkish market meltdown triggered by Pres Erdogan firing the central bank governor. US stock futures off lows though.
• The 2-Yr yield is down 1bps at 0.1391%, 5-Yr is down 4.2bps at 0.8383%, 10-Yr is down 4.6bps at 1.6751%, and 30-Yr is down 4.8bps at 2.385%. Jun 10-Yr futures (TY) up 13/32 at 131-20 (L: 131-07 / H: 131-24); modestly elevated volumes (~400k).
• Fed Chair Powell appears at an event hosted by the BiS at 0900ET, which may not have much on current monpol as it's on "How Can Central Banks Innovate in the Digital Age?" (Q&A but no text). His Congressional testimony Tues and Weds likely to have more impact.
• Richmond Pres Barkin speaks at 1030ET - he said over the weekend that he is hopeful the US economy is "on the brink" of a full recovery. SF's Daly speaks at 1300ET (subject: the "future of education"); VC Quarles on LIBOR transition at 1330ET, and after hours at 1915ET, Gov Bowman on the economic outlook.
• A light data slate: Chicago Fed Nat'l Activity index at 0830ET, existing home sales 1000ET.
• In supply, $111B of 13-/26-week bill auctions at 1130ET; NY Fed buys ~$3.625B of 7-20Y Tsys.