T-Notes -0-18 at 134-17+, roughly at........>

US TSYS: T-Notes -0-18 at 134-17+, roughly at closing levels, after a blip lower

at the re-open saw a print of 134-09. Upbeat coronavirus vaccine test headlines

from several big pharma names pressured the space late Monday (although ultimate

timeframes for broader circulation outside of testing remain less upbeat than

much of the commentary from the Trump administration), with equities well bid

late in the day. The ECB was the latest of the major global central banks to

comment on liquidity matters, noting that it stands "ready to take appropriate

and targeted measures, as necessary and commensurate with the underlying risks."

Curve twist steepened Monday, with T-Notes around worst levels come the close of

electronic trade, and the 2-/10-Year curve well shy of intraday steeps. On the

flow side a TU/TY block flattener was seen in early U.S. trade. The prospect of

imminent Fed easing (with growing calls for 50bp worth of cuts off the bat and

deeper easing moving through the year) remains. Little reaction to weaker than

expected ISM m'fing data, with continued focus on coronavirus matters in play.

- Eurodollar futures sit 3.75-9.0 ticks lower through the reds, after Monday saw

a continued preference for upside protection on the flow side.