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Recent Gains Considered Corrective


Trend Needle Points North Despite Recent Pullback


Trend Needle Points North Despite Recent Pullback


Late SOFR/Treasury Option Roundup

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Central bank action headlines..........>

BOND SUMMARY: Central bank action headlines today's docket after the expected
25bps rate cut from U.S. FOMC, accompanied by signals of serious fractures among
members with regards to the future outlook. On the news front, finger-pointing
triggered by the recent drone attack on Saudi oil facilities continues. We are
waiting for more clarity on touted U.S. sanctions on Iran and Middle Eastern
geopolitics in general.
- T-Notes have sold off lately, now trade -0-07+ at 129-05, slightly above
session lows. Eurodollar futures sitting 1.5-2.5 ticks lower through the reds.
Cash yield curve has experienced some bear steepening.
- JGB futures trade at 154.36, that is 5 ticks shy of settlement, after round
tripping from session low of 154.25. Cash JGB yields are slightly higher. The
Bank of Japan will deliver its monetary policy decisions later today, subsequent
presser with BoJ Governor Kuroda will likely start around 14:30JST/06:30BST.
- Australian YM trades +3.0 ticks, XM also +3.0 ticks. Bills last seen 2-3 ticks
better off through the reds. Aussie bond yields sit 2.5-3.2bp lower across the
curve. Coming up at the bottom of the hour is the key local labour mkt report.

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