Risk appetite is staging a..........>

US TSYS SUMMARY: Risk appetite is staging a tentative recovery to start the

week, but Tsys remain very much rangebound, and trading has been thin.

- A mere 7 tick range for Sep swith highs early in Asia-Pac as weekend COVID

data were digested, but hardly dramatic. Cash yields <0.5bps or less.

- The 2-Yr yield is unchanged at 0.1856%, 5-Yr is down 0.3bps at 0.3234%, 10-Yr

is down 0.5bps at 0.6888%, and 30-Yr is down 0.5bps at 1.4536%.

- Sep 10-Yr futures (TY) up 1/32 at 138-26 (L: 138-22.5 / H: 138-29.5)

- Equity futures are off late Friday's lows, but well off Fri's high. S&P emini

futures last up ~0.9% (earlier had been down 1%). 

- A fairly thin event calendar lies ahead. Minn Fed's Kashkari speaks at 1830ET.

- Data also limited today, Chicago Fed May Nat'l activity index (0830ET), May

existing home sales (1000ET).

- Bill sales today: 13- and 26-Wk for combined $111bln. NY Fed buying ~$1.75bln

in 20-30Yr Tsys.