After a relatively subdued Asian.......>

BOND SUMMARY: After a relatively subdued Asian session and quiet start to the

European session, core fixed income started to move higher just ahead of 9am GMT

and has been gradually rising ever since.

- While most of Trump's speech yesterday saw little surprise, he did say that

the EU was "in many ways worse than China". Today sees the USTR report on auto

part tariffs, which although likely to delay any decisions until 2020 still does

have the potential to recommend tariffs today.

- There are a number of significant risk events today with US CPI the highlight

on the data calendar. The Powell testimony ahead of the JEC at 11:00ET, the

House public impeachment hearings beginning at 10:00ET and a Trump-Erdogan press

conference at 15:10ET are also on the calendar today, potentially encouraging

market participants to square up some positions.

- Elsewhere UK CPI and RPI were a little softer than expected.

- TY1 futures are up 0-8 today at 128-25 with Bund futures up 0.61 at 170.15 and

Gilt futures up 0.57 at 131.35.