Core FI's softer impetus stemming from......>

US TSYS: Core FI's softer impetus stemming from the (caveated) positive initial

human trial for the Moderna COVID-19 vaccine faded as we moved through Asia-Pac

trade, with a focus on the bubbling Sino-U.S. tensions after U.S. President

Trump formally signed the Hong Kong Bill into law. T-Notes last -0-03+ at

139-10, with yields unchanged to 1.0bp cheaper across the curve.

- A reminder that the space finished Tuesday's session little changed (both in

terms of T-Notes and cash yields).

- Brainard headlined the latest volley of Fedspeak on Tuesday, with her

willingness to run the economy hot noted, as she stressed the need for ongoing

fiscal and monetary support. She also reiterated that she is open to the idea of

YCC further down the line, if needed.

- Eurodollar futures sit 0.5-1.5 ticks lower through the reds.

- Fedspeak from Harker and NY Fed's Logan present the major points of interest

on Wednesday.