It has been an eventful session from...>

BOND SUMMARY: It has been an eventful session from the outset, as the ECB

announced an EUR750bn asset purchase programme & expressed unlimited commitment

to the euro. T-Notes jumped in reaction to the announcement, but later faded the

move as U.S. Pres Trump signed off on the second coronavirus bill, with more

stimulus in the pipeline. Earlier, Fed's Kaskari urged lawmakers to work fast on

new measures. The contract trades +0-09 at 134-11+. Yields sit -4.4bp to +0.3bp

across the curve. Eurodollars last seen -4.75 to +2.0 ticks through the reds.

- JGB futs kicked off by tracking the round trip in T-Notes, but then picked up

a bid as the BoJ conducted unscheduled (& not signalled) 1-25 Year Rinban ops to

limit the rise in yields. JGB futs have pared some gains and last trades at

151.58, -17 ticks vs. settlement. Yields sit lower in cash trade, curve runs

flatter. Japanese core CPI slowed in line with exp.

- Aussie bonds are in retreat, YM -9.5 & XM -27.0. The curve has bear steepened,

yields sit +2.8-28.3bp higher. Bills sit 3-5 ticks lower thru reds. These moves

come ahead of the RBA's announcement of its next policy steps, with many looking

for a launch of a QE programme. Local labour mkt data came and went.