T-Notes head a 0-03+ range overnight,.......>

US TSYS: T-Notes head a 0-03+ range overnight, last -0-01 at 139-05, as yields

sit unch.-1.1bp richer across the curve. Little to note for the space, with

comments from Chinese diplomat Wang apparently signalling the potential for the

resumption of Sino-U.S. talks, across all levels, based on mutual sincerity.

Elsewhere, Sino-Antipodean tensions surrounding Hong Kong have moved up a level.

- The tone of Wednesday's Fedspeak was largely consistent with the respective

policymakers' recent rounds of rhetoric, although comments from non-voter

Bullard drew the most attention. He discussed employment matters with CNBC,

noting: "Seems to me like by the end of the year you can get down certainly to

single digits, probably even below 8%, maybe 7% by the end of the year."

- U.S. COVID-19 case numbers' impact on the market has waned in recent times

(for the most part), and it would likely take a meaningful swing higher for

those metrics and/or the mortality rate to generate a notable reaction in

broader markets. Vaccine news remains positive at the margins.

- 10-Year supply: cover > avg, dealer takedown < avg, stopped thru WI by 1.0bp.

- 30-Year supply, weekly jobless claims and Fedspeak from Bostic due today.