Feb 1treasury refunding announcement showed a small net supply of UST in Q2. And a large drawdown of the TGA.
"During the April - June 2021 quarter, Treasury expects to borrow $95 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $500 billion"

This was before the American rescue plan was passed. The 5/3 statement will show some fraction of 1.9Tn being funded in the coming months with a likely offset of reduction in cash balance to 300bn or less. Perhaps 800bn to 1Tn of new bonds will come to market in Q2.

This new issuance will likely crowd out existing assets and hurt USD as global investors will need a a concession to buy USD assets
We expect a 10-15 bp concession on 10 year notes and a 25-50 bp concession on SPX risk premiums

The impact on bond prices is direct. The impact on stock prices given their duration is a reduction in target from 4350 to 3875.

Tacticly we are selling stocks short on the open due to month end rebalance flows. Our trigger for going max short all assets will occur on Monday if the actual new estimate of borrowing for Q2 increases from 95bn bonds to any number greater than the fed is buying

So 95bn +360bn of fed purchases is the minimum needed to flip short all assets. We expect it will be massively greater than than number but could be wrong. Two current 2TN stimulus packages are not passed. The first requires direct deficit spending so will increase the pressure

The second is "paid for" but it will have an impact as it will be paid for by people who save and invest in assets and paid to people who spend. But both of those plans are subject to significant changes through the legislative process and are overhangs but not relevant atm