T-Notes looking through the marginal........>

US TSYS: T-Notes looking through the marginal risk-off narrative in equities and

FX since the electronic re-open, after the aforementioned risk positive factors

and sources of worry largely offset each other on Tuesday, leaving the contract

in a relatively tight range. Contract last deals -0-01 at 138-13.

- Still, Tuesday saw the cash curve steepen, with focus on impending 20-Year Tsy

supply, IG issuance and chatter surrounding an infrastructure package all

feeding through into that particular dynamic.

- Fed Chair Powell's latest address generated little in the way of notable

market reaction.

- Eurodollar futures sit unchanged to +0.5 through the reds.

- Headline watching to the fore in Asia, with a focus on the Chinese COVID-19

situation, tensions on the Korean peninsula and continued difficulties

surrounding the situation on the China-India border