T-Notes showing below Tuesday's low in......>

US TSYS: T-Notes showing below Tuesday's low in early Asia trade, with focus on

the positives from the small-sized Moderna COVID-19 vaccine human trial evident,

despite some pointing to side-effects and a need for caution. Little reaction to

Trump signing the Hong Kong/China bill and revoking Hong Kong's preferred

status, given both were expected.

- Contract last -0-06 at 139-07+, having a look below Tuesday's range, but

lacking any real momentum/conviction, holding well within familiar territory.

- Contract edged back to around unchanged levels on the day come Tuesday's bell,

after holding higher for much of the NY session, with the uptick in equities

applying pressure. Yields were little changed come the bell, with the curve flat

on the day as a result.

- Brainard headlined the latest volley of Fedspeak, with her willingness to run

the economy hot noted, as she stressed the need for ongoing fiscal and monetary

support. She also reiterated that she is open to the idea of YCC further down

the line, if needed.

- Eurodollar futures sit 0.5-1.5 ticks lower through the reds.