Tight After Friday's Two-Way Flow

Treasuries finished a touch higher on Friday, with the curve grinding flatter. Still the contract was shy of best levels come the bell, aided by stronger than expected U.S. PMI data and fresh all-time highs for the S&P 500. This came after soft Eurozone PMI data in the European morning, which weighed on broader sentiment.

• T-Notes have held a tight +0-02+ range since the re-open, last +0-02 at 139-20, with S&P 500 e-minis hitting fresh all-time highs as the latter pays more attention to (some largely questionable) COVID-19 treatment developments, courtesy of U.S. President Trump, as well as seemingly positive developments re: similar matters in China, which is outweighing the latest uptick in Sino-U.S. tension and global pockets of COVID-19 worry.
• Elsewhere, familiar U.S. political tensions, none more notable than the situation surrounding the postal voting situation and USPS, continue to swirl.
• Eurodollar futures virtually unchanged through the reds.
• Little of note on the docket during Asia-Pac ours, which will leave headline watching and market flow at the fore.