Fedspeak has resumed in the Asia-Pac...>

BOND SUMMARY: Fedspeak has resumed in the Asia-Pac session with Bullard stating

that two 25p cuts by year-end would ensure a "soft landing" for U.S. economy,

while Barkin declined to comment on rate outlook. Meanwhile, markets have

absorbed less dovish rhetoric from Bullard noted & Fed Chair Powell's warning

against overreaction, which applied pressure to the space in U.S. hours.

- T-Notes have dipped, seemingly driving the broader bond space lower, and last

trade -0-05+ at 127-30+. Cash Tsy yield curve runs flatter, with yields sitting

1.1bp to 3.2bp higher across the curve. Eurodollar futures last seen 1.25 to 2.0

ticks higher through the reds.

- JGB futures have tracked the move in T-Notes and last trade at 153.75, 10

ticks shy of settlement, even as the Nikkei 225 remains in the red. Yields are

0.5bp to 1.4bp higher across the curve, with modest bear steepening apparent.

The main risk event in Japan today are BoJ Rinban ops covering 1-5 Year paper.

- Aussie bond yield curve has twist flattened, with yields trading 0.4bp lower

to 2.4bp higher. YM last seen 2.5 ticks lower, with XM unch. Bills are trading

2-3 ticks lower through the reds.