Grinding Lower Ahead Of Tuesday Deal "Deadline"

A tentative firming in risk assets to start the week, as market participants weigh the potential for fiscal stimulus from Washington (Speaker Pelosi's setting over the weekend of a Tuesday "deadline" for a deal w White House).

• Risk appetite also being helped to some extent by reports suggesting renewed Brexit deal impetus. Equities higher, dollar a little weaker.
• Dec 10-Yr futures (TY) grinding lower in the European morning on decent volume (250k @ 0630ET), last down 8/32 at 138-26 (L: 138-25/ H: 139-01.5).
• Curve bear steepening: 2-Yr yield is up 0.6bps at 0.1491%, 5-Yr is up 1.6bps at 0.3377%, 10-Yr is up 2.7bps at 0.7723%, and 30-Yr is up 3bps at 1.5583%.
• Also notable that over the weekend, the presidential race seen tightening by betting markets: Betfair sees the race at 60-40% in Biden's favor, vs 66-34% end-Fri (and 72-28% peak on Oct 11).
• Fed Chair Powell speaks at 0800ET, with NY's Williams at 0900ET, VC Clarida at 1145ET, Minn's Kashkari at 1200ET, Atl's Bostic at 1420ET and Philly's Harker at 1500ET.
• Light on data today though.
• 1130ET sees sale of $105B in 13-/26-week bills. NY Fed buys ~$1.750B of 20-30Y Tsys.