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(U1) Recovers Off Contract Low


Outlook Remains Bullish


Corrective Cycle

BOND SUMMARY: Core FI have inched lower since the Asia open, while sticking to
familiar ranges thus far, as risk appetite remains solid in the wake of
yesterday's upbeat trade comments from U.S. President Trump.
- T-Notes last trade -0-02+ at 127-13+, with cash Tsy yield trading 0.5bp to
0.8bp higher across the curve. Eurodollar futures are 0.5 to 2.0 ticks lower
through the reds. Worth noting BBG sources said that the White House has
investigated the legality of removing Jerome Powel as Fed Chair.
- JGB futures last sit at 153.67, 14 ticks above settlement, ahead of the BoJ
10-25+ Rinban ops, due later today. Cash yields trade 1.1bp to 3.3bp lower
across the curve, with some bull flattening apparent. Japanese trade data
provoked little to no reaction.
- In Australia, YM trades 2.5 ticks higher, with XM also 2.5 ticks better off.
Aussie bond yields last seen 1.6bp to 2.5bp lower across the curve. Bills are
dealing unch. to 2 ticks higher through the reds. As a reminder, the AOFM will
offer A$2.0bn of the 1.50% 21 June 2031 Bond at an auction at the top of the