With long end yld curves steepening back....>

US TSYS: With long end yld curves steepening back to late 2016 levels, TD

Securities strategists said they are taking profit on their 1Y forward 5s30s

steepener put on at zero cost and currently yielding >$400k profit as the 5s30s

curve has steepened 30bp since late March. 

- TD cites "risks regarding a second virus wave and solvency for many small

businesses remain" for unwinding the forward steepener (still holding outright

steepeners), while the "Fed meeting this week could be dovish as the Fed

reiterates "medium-term risks" even though we don't expect any specific measures

to be announced. A Fed on hold for a long time can also put a soft ceiling on

the long end."