There was some underlying pressure for......>

US TSYS: There was some underlying pressure for T-Notes on the back of an uptick

in U.S. equity index futures. Whether this was related to a regional reaction to

fade yesterday's equity sell off, or a recirculation of a story noting that

Moderna has shipped the first batch of its coronavirus vaccine to U.S. gov't

researchers isn't clear. T-Notes -0-05 at 132-16 as we head into European hours,

off lows (strong volume driven by rolls), with an underlying degree of caution

re: Coronavirus still evident across most of the region, despite a moderation in

the daily death toll out of China (although Wuhan saw a small uptick in its

provincial new case count). Also worth flagging that various Chinese provinces

downgraded their virus emergency levels on Tuesday. Curve has bear flattened,

yields 2.8-3.5bp higher across curve, with swap spreads modestly wider, as

regional payers stepped into the swap space. Standout flow was in the rolls and

via a TU/FV futures block flattener. Eurodollar futs +1.25-3.5 ticks thru reds.

- Various house price measures, the conference board consumer confidence index

and Richmond Fed m'fing index are all slated for today. We will also see 2-Year

supply and an address from Fed Vice-Chair Clarida.