In a busy day for issuance (both.......>

BOND SUMMARY: In a busy day for issuance (both sovereign and corporate)

Treasuries and Bunds stayed range-bound through the early European morning

session, particularly relative to yesterday's moves. These moves consolidated

the falls seen ahead of midday ET.

- The big story of the morning has been the move in gilts following Dr Carney's

speech. He said that there was a high bar to changing the current inflation

targeting regime and that there was ample policy space to deal with a normal

recession (which could include doubling the stock of QE). The MPC continue to

lean towards the next move being a cut and a fairly downbeat assessment of the

current outlook led to gilts rallying. Gilt futures moved from a low of 131.04

at the start of the session to a high of 131.63 but now tick lower.

- Later today will see a number of Fed speakers including Clarida, Kashkari,

Barkin, Williams  and Evans while ECB members Schnabel and Villeroy are both due

to speak. There is only tier 2 data with the focus on payrolls tomorrow.

- TY1 futures are unch today at 128-24 with Bund futures down -0.42 at 171.36

and Gilt futures down -0.13 at 131.43.