Risk-off start short lived: Early......>

US TSY FLOWS: Risk-off start short lived: Early support in rates short-lived as

Tsys followed a lower path on mild chop from midmorning through the close.

* Late risk-on markets reacted to Secondary Market Corporate Credit Facility

(SMCCF) details that include buying corp bonds <5Y starting tomorrow. Not new

(NY Fed annc'd intent back on May 12) must have been rated invest grade as of

Mar 22, '20, and still

be rated at least BB-/Ba3 on date of purchase by SMCCF. Issuers also can't be:

insured depository institution, depository institution holding co or it's

subsidiary.

* Equities extended session highs (SPUs +33.25(1.1%) at 3042.25; DJIA

+157.62(0.62%) at 25632.4; NDX +137.2(1.4%) at 9701.865).

* Barring the late excitement, session trade was rather muted, two-way, decent

5s10s steepener Block: +8,621 FVU 125-17.5 >125-17 post-time offer) vs +6,582

TYU 138-29

- The 2-Yr yield is down 0.2bps at 0.191%, 5-Yr is up 1bps at 0.3375%, 10-Yr is

up 1bps at 0.7133%, and 30-Yr is unchanged at 1.4568%.