Looking Through Friday's Low

The uptick in e-minis is applying some light pressure to T-Notes in the early round of Monday trade, with the contract last -0-03+ at 138-30+, looking through Friday's low.

• With the ongoing fiscal impasse still evident in DC, House Speaker Pelosi administered a 48-hour deadline re: getting a fiscal support pact done pre-election, this comes due on Tuesday. Meanwhile, Senate Republicans will table a piecemeal support package.
• Elsewhere, the weekend saw an FT piece do the rounds, in which Senior Federal Reserve officials, namely regional Presidents Rosengren & Kashkari, call for tougher financial regulation to prevent the US central bank's low interest-rate policies from giving rise to excessive risk-taking and asset bubbles.
• A reminder that Friday's activity was driven by the more than familiar sources of headline flow in terms of fiscal dynamic, COVID-19 vaccine developments and Brexit. Local data was mixed, with most still questioning the underlying strength of retail sales data, and therefore happy to chalk it up to the fiscal support package that was previously in play. T-Notes edged lower on the day, with cash Tsys up to 1.5bp cheaper come the bell.
• Chinese GDP data headlines the economic docket in Asia-Pac hours.