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Risk-On Start

US TSYS

Risk-on start as US markets return from extended holiday weekend, equities firmer (ESM1 +23.0), Tsys under pressure w/10YY near middle of 1.55%-1.70% range at 1.6284%, 5s30s yield curve near overnight high of 149.072. Markit Mfg PMI, ISMs, Tsy 13W & 26W bill auctions, NY Fed buy-op and some Fed speak will keep session moving. Otherwise, focus on Fri's NFP (+266k prior, +650k est).

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