T-Notes just off Monday's late high,........>

US TSYS: T-Notes just off Monday's late high, +0-00+ at 139-11. Monday saw the

curve twist steepen, with the longer end looking to the bid in equities, while

the shorter end remained supported by the outlook for Fed MonPol. The bid in

equities was supported by a strong showing for Boeing, on some idiosyncratic

matters, as well as much stronger than exp. U.S. econ data. Elsewhere, a cooling

of the COVID-19 case count in some hot-spot states wouldn't have done the bid

any harm, although there were some quirks, and the count also covered the

weekend. Still, the +ves outweighed the fact that opening up practices were

curtailed in several U.S. states & the latest escalation in Sino-U.S. tension.

- The text from Fed Chair Powell's Tuesday address was released, as he noted

that "the econ bounceback is welcome," but it "presents new challenges-notably,

the need to keep the virus in check...A full recovery is unlikely until people

are confident that it is safe to re-engage in a broad range of activities."

- The Fed also released a term sheet for the PMCCF, which noted that pricing

"will be issuer-specific and informed by market conditions" plus a 100bps fee,

and is subject to minimum & maximum spreads over comparable maturity Tsys.