Grinding Lower

T-Notes have ground lower this morning and last trade -0-02+ at 131-21, even as all three main e-mini contracts have eased off. In cash space, Tsy yields sit 0.6-1.5bp higher across the curve, with belly underperforming. Eurodollar futures last seen +0.5 to -1.0 tick through the reds. With little of note on the Asia-Pac docket, the focus remained on the latest comments from Fed Chair Powel who said that the economic outlook has "brightened substantially," but there are risks.

• JGB futures have slipped and trade -3 ticks vs. last settlement, at 151.21. Cash JGB yields trade broadly lower across the curve, with the 3-5 sector outperforming at the margin. Japanese PPI was firmer than expected and registered at +1.0% Y/Y after printing at -0.6% prior.
• Australian YM trades -1.5 & XM last seen -5.0. Cash ACGB curve runs steeper, yields trade 0.1-5.0bp higher. Bills trade unch. to -2 ticks through the reds. The AOFM announced the issue by syndication of a new 1.75% 21 Nov '32 Bond.