Treasuries have clawed back.........>

US TSYS SUMMARY: Treasuries have clawed back overnight losses but have been in a

holding pattern for the past three hours or so on fairly light news/data flow.

- Jun 10-Yr futures (TY) down 8.5/32 at 138-31 (L: 138-17 / H: 139-01); volumes

picking up a little (291k TYs traded as of 0645ET).

- Cash curve a little steeper; 2-Yr yield is up 0.1bps at 0.2079%, 5-Yr is up

0.5bps at 0.3612%, 10-Yr is up 0.6bps at 0.6323%, and 30-Yr is up 0.8bps at

1.2312%.

- Equities are range-trading following a 2+% ramp overnight largely on promising

Gilead Remdesivir trial headlines, but still higher. "Mixed bag" of Chinese data

was largely shrugged off, as has a further 6+% drop in WTI crude prices.

- Treasury's Primary Dealer Agenda questions out today (we expect at 1200ET). In

particular we will be looking for clues on issuance plans at the May 6 Refunding

announcement, on SOFR-linkers among other things.

- Fed's Bullard speaks on Bretton Woods at 0900ET.

- And NYFed buying $29.5bln in Tsys today.