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A distinct lack of macro headline flow has allowed T-Notes to stick to a 0-03 range in Asia-Pac hours, last -0-03 at 138-26+, with cash Tsys showing marginal twist flattening, as yields sit within -/+ 0.5bp of their respective closing levels across the curve. E-minis have edged away from their late NY lows in post-settlement/Asia-Pac trade after a little more optimism re: fiscal talks in DC emerged on narrower differences between the Trump administration and the Democrats, although it is fair to say that many hurdles remain, which is reflected in the relative levels of e-minis vs. their Monday highs.
- JGB futures drew support from the curve flattening evident in cash JGB trade, with the contract last +2 vs. Tokyo settlement levels, a touch off highs. In terms of the bull flattening witnessed in cash trade, it looks like receiving in super-long swaps has been the driving factor, with 30- and 40-Year swaps tighter vs. their JGB equivalents. There has been a lack of macro headline flow, and the aforementioned round of swap receiving looks to have offset any U.S. Tsy/20-Year JGB supply related pressure. The latest 20-Year auction passed smoothly enough, with a focus on carry.
- In Australia YM +0.5, XM -0.5, with focus falling on comments from RBA Assistant Governor Kent. The most notable of which noted that a move into -ve territory for BBSW would not be unexpected. This supported the Bill space, which last sits +1-3 through the reds.