A spike to a record high in S&P500.....>

BOND SUMMARY: A spike to a record high in S&P500 futures has spilled over

applying weight to core FI space. Elsewhere, Fedspeak has remained in focus.

Dovish non-voter Kashkari yet again called for a 50bps rate cut & Gov Brainard

noted that he sees a case for looser MonPol, but stressed data-dependence.

- T-Notes are losing altitude, now trade -0-04+ at 126-27. Cash Tsy yields

little changed. Eurodollars 1.5 tick lower to 0.5 tick higher thru the reds.

- JGB futures last deal at 153.38, 24 ticks below settlement. The Nikkei 225's

earlier slide into negative territory has failed to provide material support.

The yield curve runs steeper, with yields sitting 0.7bp to 3.2bp higher. Focus

today turns to 1-5 & 10-25+ Year BoJ Rinban ops, with May's final industrial

output reading also due.

- Australian YM trades 5.5 ticks lower, with XM last 11.0 ticks lower. Aussie

bond yields have played catch-up to the overnight moves in U.S. Tsys and last

trade 5.0bp to 11.1bp higher across the curve, with bear steepening evident.

Bills last 2-6 ticks lower through the reds. Chinese trade data and the AOFM's

weekly issuance schedule provide the highlights of today.