T-Notes towards neutral levels into.........>

US TSYS: T-Notes towards neutral levels into European hours as risk assets tick

higher. No clear catalyst but could be Europeans reacting to the bid in the

crude oil benchmarks overnight and the latest round of German fiscal stimulus as

they file in.

- All in all it was a tame Asia-Pac session for core global FI. Cash Tsy yields

sit 0.4-1.8bp richer at typing, as the curve bull flattens. Swap spreads

marginally mixed, but little changed.

- T-Notes have held a tight range, on low volume, +0-01 at 139-02+. Eurodollar

futures sit unchanged to +0.5 through the reds.

- Little in the way of headline flow, with the daily COVID-19 presser providing

little of real note (outside some pushback from President Trump re: Georgia's

re-opening velocity). Elsewhere, Trump continued to hound Iran, while Secretary

of State Pompeo kept the heat up on China.

- 5-Year TIPS supply, initial jobless claims and flash PMIs headline the local

docket today.