Refunding, ISM Services, And Fed Prez Outlooks Ahead

A subdued overnight session for Tsys (again, several Asian markets on holiday), ahead of what looks to be a busy Wednesday calendar.

• Jun 10-Yr futures (TY) down 3/32 at 132-10.5 with minimal price action in the early going (L: 132-10 / H: 132-15) amid light volumes (~200k). The 2-Yr yield is up 0.4bps at 0.1625%, 5-Yr is up 1.1bps at 0.8286%, 10-Yr is up 1.1bps at 1.6032%, and 30-Yr is up 1.4bps at 2.2753%.
• Equities still bouncing from Tuesday's mini-rout, with tech leading the way.
• Attention turns to the Treasury quarterly refunding announcement out at 0830ET, with press conference webcast at 1000ET.
• 0815ET ADP employment report is the early data focus, with final Apr Services PMI at 0945ET, and Apr ISM Services at 1000ET.
• NY Fed's Williams interview w the WSJ this morning, worth a read for his take on asset price "froth", supply/demand pressures on near-term inflation, and global COVID risks for the U.S. outlook.
• Chicago Fed's Evans (0930ET), Boston's Rosengren (1100ET) and Cleveland's Mester (1200ET) each present their economic outlooks, with Q&As.
• In supply, $35B of 119-day bills auctioned at 1130ET. NY Fed buys ~$6B of 4.5-7Y Tsys.