T-Notes relatively subdued since the........>

US TSYS: T-Notes relatively subdued since the re-open, with underlying support

evident on the trickle lower in e-minis, last trading unch. at 138-19.

- The Bolton/Trump story pointing to Trump seeking support from China to aid his

re-election bid weighed on risk into the bell, pushing T-Notes away from lows,

with 5s/30s flattening on the move.

- This theme was also aided by a very strong 20-Year auction (which stopped

through WI by over 1.0bp, with strong bidding metrics).

- Elsewhere President Trump signed legislation calling for sanctions against

those responsible for the repression of Uighur Muslims in China's Xinjiang

province.

- Focus also continues to fall on the worsening state of play re: COVID-19 in

some U.S. states.

- Asia will see the usual headline watching re: COVID-19 matters in China and

regional reaction to developments in late NY trade.