Caution To Start The Week

T-Notes narrow at the re-open, operating around Friday's closing levels, +0-07 at 137-08, with broader weekend news focusing on softer than expected official Chinese PMI data, while 10 GOP Senators outlined a $600bn counter offer to U.S. President Biden's $1.9tn COVID support plan, affirming the notion that any bipartisan deal will likely be slimmed down, or Biden's will be forced through via the reconciliation process.

• Elsewhere, retail market dynamics continue to dominate, with silver surging in early trade this week (we flagged that the SLV fund was a target of the Reddit group WSB at the backend of last week), while Robinhood has narrowed the number of equity with trading restrictions placed on them to 8, from 50. E-minis offered early on.
• As a reminder, Friday saw the Tsy curve steepen, although T-Notes pared losses into the close of electronic trade, with some focus on caution from Pfizer re: future variants of COVID being able to negate existing vaccines. This came after early NY headlines re: J&J's one-shot vaccine weren't as positive as expected, although some of the sub-notes provided broader reassurance re: the general efficacy of the vaccine. Impetus from the EGB/Gilt space provided some pressure ahead of NY hours.
• Chinese Caixin m'fing PMI data headlines during Asia-Pac hours on Monday (and comes on the heels of the aforementioned soft official readings seen over the weekend).