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T-Notes continue to move away from Tuesday's lows, even as e-minis operate in positive territory. The contract remain supported by reports noting that the White House/Democrats fiscal talks have stalled, which allowed T-Notes to bounce late doors on Tuesday. At typing, T-Notes trade +0-07 at 139-15.
- Joe Biden nominated Kamala Harris to be his running mate in the 2020 presidential election. Some were worried about how markets would receive the news, citing Harris's platform when she was running for the Democratic nomination. Last year, she proposed to introduce a "Medicare for All" programme funded by taxes on financial trading.
- Worrying coronavirus situation in several U.S. states, including California, may have lent some modest support to the space, albeit worth noting that Moderna struck a $1.5bn deal with the Trump administration to manufacture and supply 100mn of Covid-19 vaccine doses, with the option to order a further 400mn doses.
- Cash curve runs a touch flatter, yields are marginally lower.
- Eurodollar futures last trade up to +1.5 tick through the reds.
- Domestic CPI & comments from Fed's Rosengren, Kaplan and Daly headline in the U.S. today.