Playing The Range Ahead Of Event Risk

T-Notes -0-03 at 139-22, holding a tight range since the re-open.

• Another narrow session for the space on Tuesday, with focus on the COVID-19 testing positivity ratio in New York and hospitalisation figures elsewhere. Decent enough hedging flow surrounding corporate issuance was also flagged, although participants were happy to play the familiar range/sit on the sidelines ahead of the impending event risk.
• The latest consumer confidence reading showed a decent and unexpected pop higher, back above the 100.0 level, although the metric remains someway shy of pre-COVID levels.
• Elsewhere, the Democrats and Republicans still seem some way apart re: a fiscal deal.
• Eurodollar futures sit -0.5 to +0.5 through the reds.
• Chinese PMI data and the Trump-Biden debate will dominate the airwaves in Asia-Pac hours.