Light Pressure

T-Notes pressured in early trading, dealing -0-05 at 137-30 at typing as E-minis firm. Focus is likely falling on the U.S. EUA of the Pfizer COVID-19 vaccine, which has opened the way for deliveries of the vaccine from Monday. Elsewhere, a lack of breakdown and the extension seen in the weekend's Brexit negotiations and chances of the U.S. bi-partisan fiscal support package being presented in Congress on Monday (although that doesn't get anywhere near guaranteeing passage) will also be supporting risk. On the risk-negative front, we should flag that the Washington Post has reported that "the Russian government hackers who breached a top cybersecurity firm are behind a global espionage campaign that also compromised the Treasury and Commerce departments and other government agencies." The hack of the U.S. Treasury was widely reported earlier on Sunday.

• As a reminder, the cash curve saw some light bull steepening on Friday, as the long end lagged, the front end and belly, while U.S. equity markets unwound most/all of their early losses, in a session which saw focus continue to fall on well-known macro headline matters.
• Eurodollar futures sit unchanged to -0.5 through the reds.
• There is little in the way of pure tier one risk events slated for Asia-Pac hours.