Central banks have fired another.......>

BOND SUMMARY: Central banks have fired another salvo against the coronavirus

crisis, sending core FI higher. After an emergency meeting, the Fed trimmed its

policy rate by 100bp, bringing it close to zero, and pledged to buy at least

USD700 billion of government securities. T-Notes trade slightly off highs but

still +2-15+ at 138-24+. Meanwhile, the broader worry about the coronavirus

continues to weigh on sentiment as consecutive countries have moved to tighten

regulations aimed at preventing the spread of the disease.

- JGB futs have surged, last trade at 152.98, 30 ticks below settlement. Cash

yields broadly lower across the curve. The BoJ announced that it will bring

forward its MonPol meeting from Thursday and announce the decision today. Japan

will conduct a liquidity enhancement auction for 5-15.5 Year off-the-run JGBs. 

- In Australia, YMM0 +9.0 & XMM0 +13.00' futs jumped to fresh highs as the RBA

said that it will announce further policy measures on Thursday & declared

readiness to "purchase Australian government bonds in the secondary market." The

RBA earlier said it will boost liquidity via short-term repo ops. Across the

Tasman, the RBNZ trimmed the OCR by 75bp & suggested QE is on the cards.