- President Trump and Fed Chair........>

BOND SUMMARY: - President Trump and Fed Chair Jerome Powell met at the White

House for dinner yesterday to discuss economic developments, although

unsurprisngly there were no updates on the Fed's outlook. USTs have been under a

little pressure this morning with yields up around 1.5-2.0bps from the lows. 

- The Mar-19 JGB future trades at 152.64 near the bottom of the morning range.

- The German bund curve has steepened on the back of longer-end yields trending

higher. The 2s30s spread has widened to 136.4bps from 133.5bps.

- French OATs have sold off slightly with the 10-year benchmark underperforming

the curve. Current yield levels: 2-year -0.452%, 10-year 0.597%, 30-year 1.549%.

- Italian BTPs have oscillated in a relatively tight 2-4bps range with the curve

2-3bp flatter.

- According to the Huffington Post, Trade Secretary Liam Fox has considered the

possibility of cutting import tariffs to zero in a no-deal Brexit. The rumour

has triggered accusations of betrayal from UK industry and is likely viewed as a

means to secure new trade deals.

- Euro$ futures are broadly 0.5-2.0 ticks lower; greens/blues underperforming.