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BOND SUMMARY: Early defensive feel has dissipated and risk appetite has
recovered, with U.S. equity index futures turning green. China's monthly LPR
fixing brought no surprises, with 1-Year & 5-Year rates left unchanged. T-Notes
have slipped, last deal +0-03 at 138-30+. Curve has slightly steepened in cash
trade. Eurodollars are unch. to -1.0 tick through the reds. Fed's Barkin told
MNI that tools like QE, YCC or forward guidance are less valuable if the yield
curve is low and flat. Looking ahead, 20-Year Tsy supply will be in focus in
Wednesday's U.S. hours.
- JGB futures trade at 152.32, +5 ticks vs. settlement as we type. Cash yields
sit lower save for 1s, with 20s & 30s outperforming ahead of today's auction of
20-Year JGBs. Japanese core machine orders are also due later today.
- In Australia, YM unch. & XM +3.0 at typing. Yield curve has twist flattened.
Bills last sit +1 to -1 tick through the reds. We saw some economic data out of
Oz today, with skilled vacancies falling 16.4% M/M & flash retail sales dropping
17.9%. On the supply front, the AOFM auctioned A$2.0bn worth of ACGB 1.25% 21
May 2032. Elsewhere, the RBA once again refrained from buying ACGBs/semis today.