Hours, Days Or Weeks?

{US} US TSYS: U.S. Tsys recovered from early Asia lows, after early dealing focused on the perception surrounding the likelihood of a Biden victory in the White House, before a relatively strong showing from Trump across the early battleground states saw betting market pricing move in his favour. Still, a likely victory for Biden in Arizona, coupled with longer running counts across several key states has markets looking at the prospect of a drawn-out election process lasting days, if not weeks, while Biden re-narrowed vs. Trump in the betting markets. The chances of a blue wave have also diminished after the GOP held on to several key Senate seats. Focus moves to an incoming statement from Trump after he tweeted "We are up BIG, but they are trying to STEAL the Election. We will never let them do it. Votes cannot be cast after the polls are closed!" Generating further worry re: the prospects of a contested election. The NASDAQ outperformed among e-minis on the prospect of a lower regulatory burden if Trump prevails (when compared to Biden).

• T-Notes +0-19+ at 138-22+, with 20s leading on the cash curve, last sitting ~9.5bp richer on the day.
• Flow wise, we saw a FV/TH flattener blocked, in addition to a 12.0K block roll of a long position in the TYZ0 138.00 puts into the TYF1 137.00 puts.
• Eurodollar futures are +0.5 to +2.5 through the reds, with the strip bull flattening. Flow here was dominated by the selling of the 3EX0 99.50/99.375 put spread, with ~30K given through the session, across screen and block trade.