It has been largely risk-on since...>

US TSYS SUMMARY: It has been largely risk-on since early in European trading

with headlines that UK scientists have made a "significant breakthrough" in

finding a coronavirus vaccine. That was worth a jump of 6bps on the 10-Yr Tsy.

- But move pared on a Rtrs headline citing WHO spokesman throwing cold water on

breakthrough: "there are no known effective theraputics".

- Still some steepening in the curve; 2-Yr yield is up 1.8bps at 1.4271%, 5-Yr

is up 2.8bps at 1.4467%, 10-Yr is up 2.8bps at 1.6267%, and 30-Yr is up 2.2bps

at 2.0993%.

- Closing in on a million futures traded in Mar 10-Yr (TY), which is down 7/32

at 130-21.5 (L: 130-17.5 / H: 131-04.5)

- Equities came back from best levels but futures still way up (eminis +0.7%).

- Plenty ahead today: ADP Payrolls at 0815ET; Treasury refunding announcement

and Dec trade balance at at 0830ET; ISM non-manuf at 1000ET.

- Worth watching WHO presser on coronavirus at 1000ET as well.

- At 1610ET we get Fed Gov Brainard on payment innovation.