Core FI was generally biased lower at the...>

US TSYS: Core FI was generally biased lower at the margins during Asia-Pac

trade, with little of note on the news front and major equity markets mostly

printing unchanged to a touch higher, while spill over from Tuesday's curve

steepening in Tsys may have also played a part. T-Notes hold a tight range, last

-0-03 at 138-20, with the yields unchanged to 1.1bp cheaper in cash trade.

Eurodollar futures sit unchanged to 0.5 tick lower through the reds.

- A reminder that a defensive footing for equities into Tuesday's bell, as some

pointed to a lack of hurry re: fiscal stimulus and the uptick in COVID-19 cases

in some of the sun-belt states/cautious words from Dr Fauci (although a

nationwide lockdown seems highly unpalatable from a political standpoint),

provided some support for Tsys. Still, the contract finished the day shy of the

Navarro inspired highs, on below recent average volume, despite the active

start. Cash trade saw a steeper curve. 2-Year supply saw a small stop through

WI, with slightly lower than avg. cover and largely in line with avg. takedown

metrics.

- Wednesday will see 5-Year supply and Fedspeak from Evans & Bullard.