Generally quiet end to the week,.......>

US TSY FLOWS: Generally quiet end to the week, risk appetite muted ahead weekend

(not to mention Trump's rally in Oklahoma Saturday -- sure to generate some

headlines as large crowds of Trump supporters decent on Tulsa.

- Rates kicked off with a risk-on tone, making session lows soon after the open

as equities plowed higher. Sources reported better selling cash 10s, fast- and

real$ selling 20s-30s on modest early volumes. 

- Risk-on tone was short lived, however, as Boston Fed Pres Rosengren said he

expects "economic rebound in the second half of the year to be less than was

hoped for at the outset of the pandemic".

- High-gear at high-noon: Headlines that Apple to re-close various stores as

virus counts re-surged (Florida, Arizona, Texas, saw Tsy futures gap

higher/breach prior session highs as equities reversed gains to trade lower.

- Mn Fed Pres Kashkari expects "UNEMPLOYMENT RATE TO CLIMB AGAIN IF THERE IS A

SECOND WAVE, I THINK THE REAL NUMBER TODAY IS AROUND 20%." The 2-Yr yield is

down 0.8bps at 0.1855%, 5-Yr is down 0.6bps at 0.3266%, 10-Yr is down 1.3bps at

0.6954%, and 30-Yr is down 1.5bps at 1.4662%.