A more subdued morning session......>

US TSYS SUMMARY: A more subdued morning session for Treasuries. 

-Market direction, albeit limited, have a been a continuation of the Asian

session, where investors hanged onto Vaccine potential phase 1 headlines,

keeping Equities off their lows and Bonds better offered. 

-So a more range bound session, with plenty of talks, and mainly speculation

from a few institutions, which are keeping a close eye on Equities developments

and risk that further big losses in Equities could have CB pulling the trigger

on cutting rates in between meeting. 

-For now with most equities off their latest lows,. Hanging on overnight

headlines that "a Phase one vaccine test is on the way", should abate the short

term risk of any CB move? 

-Last time the Fed moved was Oct 2008 (put a piece out yesterday). A 50bps cut

is fully priced for the 18/03 meeting 

- ECB OIS are so far only pricing a 74% chance of a 10bp cut at the next 21/03

meeting., and fully priced by June.