Core global FI a touch lower with......>

BOND SUMMARY: Core global FI a touch lower with little to report on overnight,

outside of a bout of U.S. FI selling around the cash re-open. T-Notes last deal

at 127-05, 0-04+ ticks lower on the day. The highlight flow wise saw the FVQ9

117.00 puts blocked 20.0K times at 0-08, with several market sources pointing to

a buyer. TYU9's June 17 low has held for the time being, with activity

moderating through the session ahead of event risk, namely an address from Fed

Chair Powell on the Hill, as well as the release of the minutes from the Fed's

latest MonPol decision.

- The JGB curve saw some light steepening, with futures extending on their

overnight losses to last trade 12 ticks lower on the day.

- Major AU FI futures are lower on the day. Moves in Tsys exerted some pressure

on the longer end of the curve, but ranges remain contained. The latest ACGB

2.50% 21 May 2030 auction saw the avg. yield at 0.09bp below mid at the time of

issuance, as the cover ratio held steady. Participants looked through the latest

round of consumer conf. data. YM last -1.0 tick, with XM -2.0 ticks, leaving the

curve steeper. YM/XM deals at 41.5 ticks, with the cash equivalent at 37.2bp.