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ITALY

E6.5bln of 6-mo BOT At Jun 28 Auction

US 10YR FUTURE TECHS

‌‌(U1)‌‌ Consolidating

OPTIONS

Expiries for Jun24 NY cut 1000ET (Source DTCC)

FED

Q: Do you expect more fiscal aid directly to consumers to be inflationary?

- A: We have been struggling w disinflationary forces for some time... Globally as well. Don't expect flat Phillips curve and low inflation to change significantly in the near term. "It may evolve over time, but significant time. These things are changing but they don't change at a rapid rate. I don't believe they will." So "I'm much more worried about falling short of a complete recovery" and damage to jobs/lives/the productive capacity of the economy. "I'm more concerned about that than about the possibility, which exists, of higher inflation. Frankly, we welcome slightly higher somewhat higher inflation."