Stimulus, Trump Health In Focus

Treasuries have edged lower within ranges in overnight trade, taking a cue from equities which while higher, have lacked decisive direction.

• Dec 10-Yr futures (TY) down 3/32 at 139-11 (L: 139-09 / H: 139-14.5), middling volumes (230k). Some bear steepening seen in the curve: 2-Yr yield is unchanged at 0.1289%, 5-Yr is down 0.2bps at 0.2848%, 10-Yr is up 1bps at 0.7105%, and 30-Yr is up 2.7bps at 1.5139%.
• Fiscal stimulus still a/the key focus, with Politico suggesting this weekend that Pelosi and Mnuchin have spoken w Fed's Powell re state/local funding; though a breakthrough not seen just yet.
• Pres Trump's health obviously paid plenty of attention too, given he may be discharged from hospital today.
• Fairly light data calendar this week. Today sees Sept ISM Services at 1000ET (preceded by final Svcs PMI at 0945ET). In Fed speakers, we get Chicago's Evans at 1045ET, and Atlanta's Bostic at 1515ET.
• In supply, $105B total of 3-/6-month Bills sell at 1130ET. NY Fed buys ~$3.625B of 7-20Yr Tsys.