T-Notes were quick to erase their early.....>

US TSYS: T-Notes were quick to erase their early downtick, with the failure of

S&P 500 e-minis to break above 3,200 providing some support. Contract last +0-01

at 139-08. Yields sit 0.6-1.4bp richer across the curve, with 7s outperforming.

Familiar risks remain evident, while +ves in the form of less meaningful,

immediate risk on the U.S.-China-Hong Kong front (per WSJ reports) and U.S.

President Trump's move to wear a mask, in public, provided some offset in a

lacklustre session. Overall, weekend news flow seems to have provided little

clarity for the space.

- A reminder that Friday ultimately saw an easing in the space, as T-Notes

erased their early bid and more, with yields going out around session cheaps on

the back of a risk-positive reaction to reports that Gilead's remdesivir drug

had a positive impact on COVID-19 mortality rates, although the study wasn't as

stringent as a randomised controlled trial. Elsewhere, President Trump played

down the odds of any movement re Sino-U.S. relations, although that wasn't a

source of any real surprise, with markets happy to look through the headlines.

- Fedspeak from Williams & Kaplan due Monday, 3- & 6-Month supply also slated.