Out Of Hospital, But Not Out Of The Woods

New week kicked of w/ concerted risk-on tone, headline driven/accelerated late as Pres Trump annc'd he would exit from Walter Reed veterans hospital Monday evening. While WH physician Sean Conley said the president "has met or exceeded all discharge criteria" less than 72 hours after being admitted, Conley conceded the president "may not be entirely out of the woods yet."

• Risk-on tone kicked off late Sunday and progressed through overnight hours as WH officials telegraphed Trumps wishes to leave the hospital asap even as additional staff annc'd they contracted virus WH press sec Kayleigh McEnany for one. Parting tweet from Trump: "Don't be afraid of Covid. Don't let it dominate your life. We have developed, under the Trump Administration, some really great drugs & knowledge. I feel better than I did 20 years ago."
• Hopes of stimulus deal also buoyed risk-on tone but no word late. ISM Services PMI ticked +0.9p, sharp rise in New Orders +4.7pt
• The 2-Yr yield is up 1.8bps at 0.1467%, 5-Yr is up 4.4bps at 0.3307%, 10-Yr is up 7.3bps at 0.7734%, and 30-Yr is up 9.1bps at 1.5777%.