T-Notes, Aussie Bond Futures Fade Early Upticks As E-Minis Move Away From Lows

T-Notes have faded their initial marginal uptick, inspired by the broader defensive feel outlined in earlier bullets, and last trade +0-01 at 139-02 as the unwinding of a softer opening for e-minis has filtered through into core FI space. Eurodollar futures are unchanged to +0.5 tick through the reds. Cash Tsys are closed, owing to a public holiday in the U.S.

• JGB futures have ticked away from their earlier low of 151.62, but still trade through Friday's worst levels, last -17 at 151.66. Cash JGB yields generally sit higher (save for 2s), with 7s underperforming. The BoJ left its 1-5 & 25+ Year JGB purchases unchanged. On the headline front, weekend interviews with Cabinet Chief Secretary Suga have provided some interest, with Suga supporting the BoJ's monetary policy under Governor Kuroda and ruling out any cuts to the consumption tax.
• Despite the initial uptick, XM has ebbed lower, moving past Friday's worst levels, and last trades -7.0; XM last seen -0.5. Cash ACGB yield curve has bear steepened, yields last seen 0.3-7.2bp higher. Bills trade unchanged to -1 tick through the reds. The AOFM auctioned A$2.0bn worth of ACGB 2.75% 21 Nov 2029 and focus turns to ANZ job ads, due shortly.