Investors have shown caution in........>

BOND SUMMARY: Investors have shown caution in early Asia-Pac trade, as worries

re: global growth remain, while exp. of more global policy easing are growing.

Focus has fallen on U.S. Pres Trump's announcement that he is set to nominate

Judy Shelton & Christopher Waller for seats at the Fed Board of Governors.

- T-Notes range-bound so far, last trade +0-04 at 128-08+. Cash Tsy yield curve

has bear steepened, with yields sitting 0.7bp to 2.2bp lower & 10-year yield

last seen at 1.960% after touching the lowest levels since Nov 2016. Eurodollar

contracts are trading unch. to 2.5 ticks higher through the reds.

- JGB futures last trade at 153.83, 14 ticks above settlement, with the Nikkei

225 operating in the red since the open. Yields sit 0.7bp to 1.8bp lower across

the curve. The BoJ's purchases of 1-5 & 10-25+ Year JGBs, as well as a speech

from BoJ's Funo provide the highlights of today.

- Aussie bond yields last trade 1.9bp to 4.0bp lower across the curve, before

A$800mn of the 1.50% 21 June 2031 Bond is offered at an auction at the top of

the hour. YM & XM both seen 3.5 ticks higher. Bills are trading 2-4 ticks higher

through the reds. Aussie building approvals & trade balance also due today.