Sentiment Improves, Core FI Pressured

T-Notes have eased off amid little in the way of fresh catalysts and last trade -0-03 at 136-24+, testing session lows. Bear steepening evident in the cash space, which re-opened after a U.S. holiday. Tsy yields last trade 0.4-2.7bp cheaper. Eurodollar futures last seen unch. to -0.5 tick through the reds. Participants await today's congressional testimony from Tsy Sec nominee Yellen.

• JGB futures re-opened lower and have traded sideways since. The contract last changes hands at 151.72, virtually unch. vs. last settlement. Cash JGB yields are marginally mixed across the curve, with 5s outperforming. Auctions for 20-Year JGBs & 1-Year Bills headline the local docket today.
• Aussie bonds have faced a modicum of pressure, YM unch. & XM -1.0 as we type. Cash ACGB yields sit unch. to +1.2bp across the curve. Bills trade -1 to +1 tick through the reds. In Australian data, ANZ Roy Morgan Weekly Consumer Confidence printed at 108.7 vs. the prev. reading of 108.9.