T-Notes bid to start the week on the back...>

US TSYS: T-Notes bid to start the week on the back of the risk-off flows, with

drivers flagged in an earlier bullet. Particular focus falls on COVID-19 worries

in some U.S. states and the latest Chinese COVID-19 cluster in Beijing.

- The latest bout of Fedspeak from Kaplan & Barkin failed to provided much to

move the needle re: the policy discussion. The weekend also saw White House

Economic advisor Kudlow point to a pullback in unemployment support come the end

of July, while trade advisor Navarro noted the need for fresh manufacturing

stimulus that will total "at least US$2 trillion."

- Contract last sits +0-04 at 136-27+, holding a 0-04+ range thus far, more than

recouping Friday's post-settlement downtick. This leaves the contract in

familiar territory after last week's recovery, with Chinese monthly economic

activity data the only real point of interest scheduled for release in Asia-Pac

hours on Monday.

- Eurodollar futures unchanged to +0.5 through the reds.

- Focus in U.S. hours will move to addresses from Fed's Kaplan & Daly.