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BOND SUMMARY: Activity in core FI picked up at the cash Tsy re-open as regional
players seemed happy to sell the short-end of the U.S. curve on the back the
less dovish comments from Bullard in U.S. hours. As a reminder, Fed Chair Powell
also warned against an overreaction from the Fed, although the message was
largely in line with that given at the most recent FOMC. Fed Fund futures now
price a 25% chance of a 50bp cut (from ~45% at the Asia/Europe crossover on
Tuesday), per CME Fedwatch. T-Notes last -0-05 at 127-31, 10-Year cash Tsy
yields at 2.006%. Eurodollar futures 2.5-3.5 ticks lower through the reds.
- A quiet one for Aussie bonds, with the curve running a touch flatter on the
back of the latest batch of Fed rhetoric, with little/no notable reaction to the
latest RBNZ MonPol decision from across the Tasman. YM last -2.5 ticks., XM
unch. Bills 2-3 ticks lower through the reds.
- JGB futures were hit on the back of the move lower in Tsys, but technical
support held firm. The space then rebounded after the BoJ left the size of its
1-5 Year Rinban operations unchanged, before edging lower again.
- German FI futures a touch lower; Schatz -1.0, Bobls -8.0, Bunds -0.22.