MNI EXCLUSIVE: Legal Expert On How A Fed Powell Firing Would Play Out In Courts

• WI climbs to 4.942% from 4.932% heading into the $13B 20Y auction re-open (912810UL0) cutoff at 1300ET, 10.5bp rich to last month's stop: 5.047% high yield vs. 5.035% WI
• Treasury futures firmer/off highs (TYU5 +1 at 110-20.5), curves mildly steeper: 2s10s +1.741 at 46.649, 5s30s +1.045 at 90.105.

• US TSY 19Y-11M BOND AUCTION: NON-COMP BIDS $87 MLN FROM $13.000 BLN TOTAL

Tsy futures remain mildly higher ahead of the $13B 20Y bond auction re-open (912810UL0) at 1300ET, WI is currently at 4.932%, 11.5bp rich to last month's tail. Today's results will be available shortly after the competitive auctions closes at 1300ET.

• May auction recap: Treasury futures extended lows (TYM5 109-23.5 -15) after the $16B 20Y Bond auction (912810UL0) tailed, drawing a high yield of 5.047% vs 5.035% When-Issued yield at the cutoff; 2.46x bid-to-cover vs. 2.63x prior.
• Peripheral stats: indirect take-up at 69.02% vs. 70.7% prior; direct bidder take-up 14.07% from 12.3% prior; primary dealer take-up of 16.91% vs. 17.0% prior.