T-Notes Through Monday's Lows

T-Notes are having a look through their Monday lows, last trading -0-04+ at 136-09, with yields little changed vs. closing levels in early Asia-Pac cash Tsy trade. Rhetoric from Fed's Kaplan (a non-voter in '21) pointed to a hard couple of months for the U.S. re: COVID, although he did note that he is hopeful that some point later in 2021 will see earnest discussion re: QE tapering, and that he is hopeful that the substantial further progress toward the Fed's maximum employment and price stability goals bar re: QE tapering will be met later this year. He also noted that the fiscal dynamic under the Biden administration may be a factor for monetary policy.