T-Notes have stuck to a tight range....>

BOND SUMMARY: T-Notes have stuck to a tight range with a lack of notable

headlines evident during Asia hours and heavy event risk over the next 36 hours

or so. The contract last trades -0-03 at 127-11+, with yields 0.2-0.6bp lower

across the curve in cash trade. Small pockets of TUU9 buying were noted in early

Asia hours, but flow has been limited otherwise. Eurodollar futures deal

unchanged to 0.5 tick lower through the reds.

- JGB futures have stuck to a tight range, last +1 tick vs. settlement, with

modest twist steepening creeping into the curve in the wake of the latest BoJ

MonPol decision. It was status quo for the BoJ in terms of policy settings, with

the GDP & CPI outlooks trimmed at the margin. Little to write home about all

told, disappointing those that were looking for a change in forward guidance.

- Aussie bond futures have stuck to tight ranges, with YM & XM last trading +0.5

tick vs. their respective settlement levels. The AU/U.S. 10-Year yield spread

continues to hover around record levels, last -85.8bp. Bills trade unchanged to

2 ticks higher through the reds.