An uptick in S&P futures & solid.......>

BOND SUMMARY: An uptick in S&P futures & solid Chinese Caixin services PMI print

allowed Tsys to move back from highs, T-Notes last -0-01+ at 132-02+. Very

modest steepening on the curve. Eurodollar futures unch.-1.0 ticks higher thru

the reds. Fedspeak saw Bullard back a 50bp cut, with Rosengren sticking to his

hawkish script, if a little more cognisant of risks. A deluge of Fedspeak due

later today.

- AU bonds see YM -1.5 & XM +2.0, as the front end underperforms in the wake of

an in line with exp. AU GDP print, which dispelled some of the more pessimistic

views that were generated by the early partials, allowing the AUD to build on

yesterday's advance. Bills 1-4 ticks lower. There was some state issuance from

NSWTC, launching 2024, IPT at ACGB +30-33bp.

- JGB futures +4 vs. settlement, easing back from overnight levels with the long

end underperforming in cash trade after yesterday's twist flattening, that was

likely driven by demand for longer dated cash bonds. N.B. today's long end

underperformance may have been driven by some concession ahead of tomorrow's

30-Year supply. BoJ dissenting dove Kataoka was predictably dovish.