T-Notes have drifted lower since the........>

US TSYS: T-Notes have drifted lower since the re-open, holding a tight range,

and still sit a little off Wednesday's session low, -0-01 at 138-29+. The early

bear steepening pressure faded a little as we moved through Wednesday's NY

session. The minutes of the Fed's most recent MonPol decision revealed that

off'ls favoured more explicit forward guidance, in one form or another. Most

off'ls also wanted more clarity on asset purchases. All off'ls wanted further

investigation of YCC measures, although the recent public divergence re: the

matter amongst Fed off'ls was also observed.

- Elsewhere, headline ADP employment data was a little weaker than exp., but

still saw well > 2.0mn jobs added. Although, it was the revision to last month's

data that was more notable (an upward revision of some ~5.8mn). ISM m'fing data

topped exp., returning to a state of headline expansion, although the employment

metric remained in contractionary territory. Still, the overall narrative from

the data & +ve developments re: COVID-19 vaccine matters weighed on the space.

- NFPs headline a holiday shortened Thursday session for the cash space.