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CORN TECHS

(N1) Fresh Cycle High

STIR

Effective Fed Funds Rate

BONDS

Selling interest across the board

BOND SUMMARY

A little leg higher in T-Notes, but yesterday's range remains intact. The contract trades +0-03 at 140-08 at typing, with news wires carrying comments from U.S. President Trump re: measures vs. TikTok & Wechat. Curve has bull flattened in cash trade, with yields sitting 0.2-1.5bp lower at typing. Eurodollar futures last seen unch. to -0.5 tick through the reds. Participants await Chinese trade data and, looking further afield, U.S. NFP report.

  • JGB futures slipped after the re-open, but have bounced off lows and last trade at 152.29, 5 ticks better off. Cash JGB yields are mostly little changed, with 2s outperforming. No changes to size purchases during today's round of the BoJ's 1-3 & 5-10 Year Rinban ops.
  • Aussie YM trades +0.5 & XM sits +3.0 hitting session highs. Cash curve runs flatter, sits lower (yields 0.4-5.6bp worse off). Bills running -1 to +1 tick through the reds. The SoMP revealed little new vs. the recent RBA rhetoric. We are now waiting for RBA Asst Gov Ellis to comment on the document.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com