Italian BTPs and Japanese JGBs are.....>

BOND SUMMARY: Italian BTPs and Japanese JGBs are the big movers Wednesday - for

idiosyncratic reasons - ahead of a much-anticipated Fed decision later.

- Reports of a budget agreement between Rome and Brussels overnight shot Italian

bonds higher, with spreads collapsing. The Mar 19 BTP future is up 106 ticks at

126.48, having traded as high as 127.45 earlier.

- JGBs have had an unusually wild session, hitting multi-year highs around

0347GMT, after BOJ left bond purchases unchanged at Wed's 5-10yr operation.

- Bloomberg reporting that rally triggered emergency margin calls, shooting

JGBH9 to a low of 152.34 before recovering, last up 8 ticks at 152.47.

- Ahead of the Fed, Treasuries trading fairly flat. Mar 19 T-Note future is up

2.5/32 at 120-30, having traded between 120-285 to 121-025.

- MNI's FOMC preview went out yesterday, contact us if you want it.

- Bunds relatively flat, while Gilts fairly sedate. Mar 19 Bunds up 1 tick at

163.35, while Mar 19 Gilts up 22 ticks at 123.31.

- UK CPI / RPI / PPI more or less in line across the board, this morning.

- Later today, other than the Fed, US existing home sales data is due out.