Fedspeak & The Debate Eyed

Tsys continued to coil within familiar territory during Asia-Pac hours as the latest round of fiscal developments did little to meaningfully narrow the gap across the aisle. T-Notes last +0-00+ at 139-20+, sticking to a very narrow 0-02 range overnight, while yields sit little changed across the curve.

• Eurodollar futures sit unchanged to +0.5 through the reds.
• 3-Month EUR/USD & JPY/USD cross currency basis now capture the year-end "turn", although the moves in the metrics are contained on the back of the relatively sanguine outlook re: USD funding matters owing to, among other things, the broad spectrum of USD liquidity provisions that were put into play from March.
• We have a busy slate of Fedspeak on Tuesday, although more focus is set to fall on the first debate between Presidential candidates Trump and Biden, scheduled for Tuesday evening. Elsewhere, the New York Fed will host its annual U.S. Treasury Market Conference.