Hard to single out any game changer....>

BOND SUMMARY: Hard to single out any game changer so far, little new to rock the

boat. U.S. equity index futures have slipped following yesterday's reports

surrounding an alleged failed trial of an experimental drug for Covid-19.

T-Notes trade +0-05+ at 139-06. Yield curve has bull flattened in cash trade.

Eurodollars are unchanged through the reds.

- JGB futures are well bid and last trade at 152.77, 40 ticks above settlement.

Some attention given early on to a Nikkei report re: possible discussion of

unlimited JGB purchases by the BoJ. Cash yields sit lower with belly

outperforming. There were no changes to the sizes of BoJ 10-25+ Year Rinban ops

today. Earlier, Japanese CPI numbers were in-line, with the core measure slowing

to +0.4% Y/Y.

- In Australia, YM +0.5 & XM -1.0. Yields sit marginally higher, save for 3s.

Bills trade unch. to +1 tick through the reds. The auction of A$1.5bn worth of

ACGB 5.5% 21 Apr 2023 was well received, drawing a strong bid/cover of 7.2633x.