Tsys bounced to new session highs......>

US TSY FLOWS: Tsys bounced to new session highs after the bell Tuesday, late

risk-off after headlines re: Moderna (helped spurred Mon's risk-on move) cast

doubt on efficacy of vaccine. Equities sold off (ESM0 -31.0 at 2917.0 are still

higher for the week, while Tsys marched higher, yld curves reversing earlier

steepening.

- Otherwise, limited data elicited little react in Tsys despite U.S. building

permits for privately-owned housing units dropped -20.8% in April to 1.074M,

lowest lvl since Mar'14. Details of Fed chair Powell's testimony to Senate

Banking Committee released late Mon, while sit-down webcast w/Tsy Sec Mnuchin

did little to move mkts.

- Equities did add to Mon's rally after WMT gaine +3.1% on Q1 revs' of $134.62B,

note Japan and China eq mkts back to pre-Covid levels.

- Two-way deal- and option-tied hedges added to decent pick-up in Jun/Sep

futures roll volume.

- The 2-Yr yield is down 1.2bps at 0.1652%, 5-Yr is down 3.5bps at 0.3351%,

10-Yr is down 3.4bps at 0.6915%, and 30-Yr is down 2.1bps at 1.4154%.