It has been a fairly lacklustre........>

BOND SUMMARY: It has been a fairly lacklustre session thus far, with developed

FI respecting familiar ranges. In the latest news flow, Chinese MOFCOM said that

top trade representatives from the U.S. and China held a phone call and agreed

to keep communication ahead of the G20 Xi-Trump meeting.

- T-Notes last seen +0-01+ at 127-31+. Cash Tsy yields trade unch. to 0.8bp

lower across the curve. Eurodollar contracts are unch. to 1.5 tick higher trough

the reds. U.S. Pres Trump reiterated that he could fire Fed Chair Powel, but

doesn't intend to at this point.

- JGB futures last trade at 153.85, 3 ticks above settlement. Cash yields are a

touch lower across the curve, ahead of today's 20-Year JGB supply. Muted

reaction has been noted to the BoJ Apr MonPol meeting minutes.

- In Australia, YM trades 0.5 tick higher, with XM last seen unch. The yield

curve has bull flattened, with yields sitting 0.1-0.4bp lower. This occurs after

the AOFM auctioned A$150mn of the 3.00% 20 September 2025 I/L Bond. Bills are

currently trading 1 tick lower to 1 tick higher through the reds. Australian

focus turns to comments from RBA Asst Gov Bullock, due in the London morning.