A Tight Start To The Session

T-Notes are range-bound amid lack of notable headline flow and a light Asia-Pac data calendar. The contract last sits -0-00+ at 139-14. Cash Tsy yields are unch. to -0.8bp across the curve, which runs marginally flatter. Eurodollar futures trade +0.5 to -0.5 tick through the reds as we type.

• JGB futures have fluctuated above the opening levels and last trade at 152.12, 7 ticks above settlement. Cash JGB yields sit slightly lower across the curve. All three domestic CPI metrics slowed, but in line with expectations. Focus turns to 3-Month Bill supply and a liquidity enhancement auction for off the run 1-5 Year JGBs.
• In Australia, YM trade -2.0 probing Thursday's lows and XM sit -2.0. Cash ACGB curve sits higher, with belly underperforming and yields sitting 0.7-1.7bp better off. Bills trade 1-2 ticks lower through the reds. The auction of ACGB 0.25% 21 Nov '24 was well received, drawing a bid/cover ratio of 6.54x. Focus turns to the AOFM's weekly issuance schedule.