Asia Fails To Buy The Latest Dip

T-Notes held to a 0-05 range overnight, last -0-01+ at 137-05, with a sense of normality coming back to the fore re: procedural matters in DC, as GOP Senators rolled back their objections to the certification of the Electoral College count with the Capitol re-secured . Still, calls for impeachment of Trump have become evident, while there are suggestions that senior members of Trump's staff could resign from their roles in the coming days. Potential Asia-Pac buyers haven't shown their hand, with the fiscal dynamic in the U.S. perhaps sidelining them (as we suggested may be the case earlier). The curve has bear steepened, with 30s sitting 1.6bp cheaper vs. closing levels at typing, a little off cheapest levels of the day. On the flow side, 20K block buying of the TYH1 136.50/136.00/135.50 put ladder headlined, with focus on low vol, relatively nearby downside exposure now spreading to the H1 expiries.

• As a reminder, the cash curve finished comfortably steeper on Wednesday, although the space ticked away from intraday cheaps on the back of the scenes in Washington DC. 30s were still a little over 10bp cheaper come the close, with T-Notes also off worst levels.
• Services ISM & weekly claims data, a raft of Fedspeak and announcements re: next week's 3-, 10- & 30-Year Tsy supply headline locally on Thursday.