T-Notes last print +0-01 at 139-00, after...>

US TSYS: T-Notes last print +0-01 at 139-00, after Wednesday saw the contract

subjected to some light pressure on the back of the latest findings re: Gilead's

remdesivir, before choppy, but contained trading around the latest FOMC

decision. Moves may have been contained by underlying support via month-end

extensions and rebalancing exp.

- The Fed funds target range was left unchanged, with no dissents (10-0), the

IOER also remained unchanged (despite a fair few looking for a nudge higher) and

the Fed stressed its ongoing commitment to limitless QE. Elsewhere, our policy

team highlighted that Fed Chair Jerome Powell is readying new credit facilities

and vowed to use the full range of tools to combat the coronavirus slump, saying

it's vital to ensure workers aren't permanently scarred by layoffs and to keep

deflation out of the picture.

- Curve twist steepened on Wednesday, given the lack of movement in the

IOER/comments on apt policy settings, and a lack of firm guidance re: Tsy

purchases.

- China PMIs set to headline in a holiday thinned Asia session.