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BOND SUMMARY: Focus remained on yesterday's MonPol decision from the U.S. FOMC,
which saw the declaration of readiness to cut rates if outlook worsens.
Participants have also noted a BBG source report stating that U.S. President
Trump believes that he could legally demote Jerome Powell from the position of
the Fed chief, but does not plan to do so yet. This comes against the backdrop
of Powell-Trump conflict re: the latter's demands of easing from the Fed.
- T-Notes last trade +0-09+ at 128-05, with cash Tsy yields sitting 2.0bp to
3.6bp lower across the curve and some bull flattening apparent. 10-Year yield
touched the lowest level since Nov 2016, last trades at 1.989%. Eurodollar
contracts are 0.25 to 5.5 ticks higher through the reds.
- JGB futures have surged and last trade at 153.93, 29 ticks above settlement
and just shy of the best levels since Jul 2016. The yield curve has shifted
lower. The BoJ is set to deliver its MonPol decision later today.
- YM last trades 4.0 ticks higher, with XM 3.0 ticks higher. Aussie bond yields
are 2.9bp to 4.0bp lower across the curve, while bills are trading 3-5 ticks
higher through the reds. A speech from RBA Gov Lowe is expected later today.