Treasuries have dipped after an.....>

US TSYS SUMMARY: Treasuries have dipped after an early rise in European trading,

eyeing European stimulus headlines and equities hitting multi-month highs. 

- Big news is that the European Commission will propose a EUR750bln COVID

recovery package (possibly all financed via joint debt issuance), vs earlier

expectations of EUR500bln. 

- Decent volume (320k+ TYs), though again, some attributable to rolling activity

ahead of Fri's first notice. TYs down 2/32 at 138-28.5 (L: 138-28 / H:

139-03.5). The 2-Yr yield is up 0.4bps at 0.176%, 5-Yr is up 1bps at 0.3574%,

10-Yr is up 0.3bps at 0.6998%, and 30-Yr is down 0.6bps at 1.4386%. 

- A busy day in issuance (though not so much on the data front, with May

Richmond Fed Mfg Index the only release of note).

- No fewer than 5 bill/bond auctions today, with $105bln in 3 bills, $20bln in

2-yr FRN Re-open, and $45bln in 5-Yr Note. Also, NYFed buys $4.5bln in Tsys.

- In Fed land most attention will be on the (inevitably grim) Beige Book release

at 1400ET. In speakers, at 0930ET, NY Fed Pres Williams interviewed on BBG TV;

1230ET is StL's Bullard, and 1500ET Atl's Bostic.