Marginally Firmer

Little to flag for the space, with a very light bid creeping in during recent trade as e-minis tick lower. T-Notes last +0-01 at 136-29, within a 0-03 range, aided by a couple of lifts in TYH1 (as we have flagged). Light bull flattening has been seen in the cash space, with 30s sitting ~1.0bp richer on the day. There has been little in the way of notable headline flow, although the Australian state of Victoria has gone into a 5-day circuit breaker lockdown after < 20 COVID cases became apparent in the state, while there are questions re: the appropriateness of planning surrounding the next stage of the UK's COVID vaccine drive. Domestically, the latest U.S. daily new COVID case count rose back above 100K for the first time this week. None of these headlines are deemed to be gamechangers, but are incrementally negative.