Price action across the core FI........>

BOND SUMMARY: Price action across the core FI space has been limited so far. On

the news front, focus briefly turned to U.S. Pres Trump's declaration that

tariffs on Mexico are "no bluff," but muted reaction has been noted. U.S. Tsy

futures last trade -0-02 at 126-28+. U.S. cash Tsy yields trade 0.5bp to 1.1bp

lower across the curve, with 10-year yield last seen at 2.124%. Eurodollar

futures trade 0.5 to 1.0 tick lower through the reds.

- JGB futures have climbed gradually and last trade at 153.29, 2 ticks above

settlement. Cash yield curve has twist steepened modestly, with yields seen

0.4bp lower to 0.5bp higher across the curve.

- Aussie bond cash yields trade 1.1bp lower to 1.3bp higher across the curve,

with modest twist steepening apparent. YM sits a 0.5 tick higher at 98.885 with

XM 1.5 tick lower at 98.470. Bills trade 1 tick lower to 1 tick higher through

the reds. Participants await the ACGB 2030 supply at the top of the hour,

followed by the release of Australian GDP data for Q1 & China's Caixin services

& composite PMIs.