Light Bid

Mild risk aversion has provided support to core FI at the start to the new week, with the global economic calendar offering little of real note. The spectre of aggressive policy tightening continues to haunt investors, with Friday's poor Wall Street session spilling over into Asia, with U.S. e-minis ticking lower again.

• T-Notes have crept higher from the off and last changes hands +0-06 at 119-04. Eurodollars have caught a bid and run 4.0-8.0 ticks higher through the reds. The cash curve has bull flattened a tad, with yields last seen 0.6-1.7bp lower.
• JGB futures opened on a firmer footing and last deal at 149.16, up 7 ticks from previous settlement. Cahs JGB yields sit a touch lower. The BoJ will conduct its fixed-rate bond purchases as part of its efforts to enforce the official cap on 10-Year JGB yield.
• Antipodean financial markets are closed in observance of the ANZAC Day.