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Core FI Under Light Pressure, E-Minis Hit Record Highs

BOND SUMMARY

T-Notes have slipped over the last half an hour or so and last trade -0-02+ at 132-21+, as e-minis have crept higher, with S&P 500 futures hitting fresh record highs. Cash Tsy yield curve has steepened after trading got underway in Tokyo, with yields last seen unch. to +1.5bp. Eurodollar futures trade unch. to 1.0 tick lower through the reds. The dust has settled after Friday's reaction to underwhelming NFP report, with Wednesday's CPI providing next point of note on local data docket. Fed's non-voter Kashkari said that the U.S. labour market remains in a "deep hole" and needs continued bold support. Elsewhere, Friday's cyberattack on a critical U.S. pipeline network has grabbed attention.

  • JGB futures have slipped and last change hands at 151.41, 3 ticks shy of previous settlement. Cash JGB yields show little deviation from neutral levels. The BoJ will buy 1-5 Year JGBs later today.
  • Cash ACGB curve has steepened a tad, yields last trade -0.4bpto +4.8bp as we type. YM sits -0.5, while XM has edged lower and trades -3.5. Bills last trade unch. to -1 through the reds. On the radar today, we have A$1.0bn of ACGB 21 Dec '30 supply as well as NAB Business Confidence & retail sales data.

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