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

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

with Japan in the spotlight. Markets ignored the slowdown in core Japanese CPI

and Markit m'fing PMI's move deeper into negative territory, instead focusing on

the latest BoJ Rinban ops. The BoJ was expected to reduce its bond purchases

today, after the 10-Year yield neared the lower end of the permissible range

yesterday, but left all sizes unch. JGB futures finished the morning session at

154.02, 10 ticks above settlement, with a leg higher noted on the back of

today's BoJ Rinban ops. Yields are a touch lower across the curve.

- T-Notes last -0-03+ at 127-30+. Yields are 2.0bp-2.6bp lower across the curve,

with Eurodollar contracts sitting 2.0 to 3.5 ticks lower through the reds.

- Australian FI has been aided by the increasing conviction that the RBA might

cut its cash rate at the next MonPol meeting, with ANZ bringing their rate

forecast forward accordingly. YM last trades 2.5 ticks higher, with XM 2.0 ticks

higher. Yields are 1.9bp to 2.8bp lower, with some bull steepening apparent.

Bills last trade 1-4 ticks higher through the reds. No conventional Bond tenders

are planned for next week, but Tues will see 3.00% 20 Sep '25 linkers supply.