Marginally Firmer

T-Notes +0-03+ at 131-02, while cash Tsys have firmed across the curve, 10s leading, with that point richening by ~2.0bp. It is quite hard to pin one explicit reason to the bid, with some pointing to geopolitical tensions surrounding both Russian & Iranian matters, although e-minis haven't been phased by those developments. Elsewhere, some have pointed to continued GOP unwillingness to support President Biden's fiscal plans as another supportive factor (although this isn't really shocking). We also saw an FT source piece hit over the weekend, which noted that the PBoC "has asked lenders to rein in credit supply, as the surge of lending that sustained the country's debt-fuelled coronavirus recovery renewed concerns about asset bubbles and financial stability." With the sources suggesting that the PBoC has instructed lenders "to keep new loans in the first quarter of the year at roughly the same level as last year, if not lower."