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Drifting range trade in Tsys so.....>

US TSYS SUMMARY
US TSYS SUMMARY: Drifting range trade in Tsys so far, with overnight gains
stalling as equities have found a bit of footing for now.
- Jun 10-Yr futures (TY) currently up 4.5/32 at 139-03 (L: 139-01 / H:
139-06.5). The 2-Yr yield is up 0.2bps at 0.1609%, 5-Yr is down 0.2bps at
0.3226%, 10-Yr is down 0.3bps at 0.6622%, and 30-Yr is down 2.2bps at 1.3474%.
- Concerns on Sino-U.S. relations have been paramount, with WSJ adding a bit of
fuel to the fire this morning, reporting FBI/DHS may make an announcement
Wednesday with respect to China cyberattacks on US institutions that are seeking
a COVID-19 vaccines.
- Main event: at 0900ET Fed Chair Powell gives "An Economic Update" with text
and Q&A. Main market focus is on him ruling out negative rates.
- After yesterday's stop through in the 10-Yr auction, eyes again on supply
today: $22B 30Y sale at 1300ET. $5.75B in NYFed buys today.
- In data, 0830ET sees final demand PPI: projected to register the third
successive decline, with markets looking for a 0.5% decrease in April.

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