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SOY TECHS

(F2) Extends Recent Gains

US TSY OPTIONS

10Y Puts

DATA REACT

Household Survey Looks Very Healthy

JPY

Move towards another session low

STIR

Effective Fed Funds Rate

BOND SUMMARY
BOND SUMMARY: Core FI have picked up a bid after the release of monthly economic
activity indicators out of China, which broadly missed expectations. T-Notes
last trade +0-04+ at 129-31. Cash Tsy yields sit 1.1-4.3bp lower across the
curve, with some bull steepening apparent. Eurodollars last trade unch. to 5.5
ticks higher through the reds.
- JGB futures finished the morning session at 154.11, 11 ticks shy of
settlement. Cash JGB yield curve runs steeper, with yields seen 0.2-2.0bp better
off. Yonhap reported that South Korea has started the process of removing Japan
from its list of trusted trading partners after an analogical move by Tokyo.
- Aussie bond futures have trimmed yesterday's losses; YM trades -2.0 ticks,
with XM -2.5 ticks. Cash yields trade 1.6bp lower to 2.2bp higher across the
curve, while bills are 1-3 ticks lower through the reds. A beat in Australian
quarterly wage price index applied some light pressure to the space, but only
briefly. Elsewhere, Westpac cons. conf. index ticked higher, while A$800mn of
ACGB 2.50% 21 May 2030 was sold at an auction, attracting cover ratio of 3.69x
vs. the prev. 2.69x.