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

BOND SUMMARY: T-Notes have stuck to a tight range in Asia-Pac hours, pre-Fed,

with the contract last +0-02 at 127-13. Yields sit 0.5-1.0bp lower across the

curve. Eurodollar futures trade 0.5-1.5 ticks lower through the reds.

- JGB futures last deal +4 ticks, with the curve a touch flatter. The BoJ left

the size of its 1-10 Year Rinban ops unch., offer to cover ratios as follows;

1-3 Year 3.60x (prev. 3.74x), 3-5 Year 2.63x (prev. 2.98x), 5-10 Year 3.29x

(prev. 2.23x). The BoJ's August Rinban plan will be outlined after hours today.

- Aussie bond futures unwound their early bid & more on the back of the domestic

Q2 CPI data. As expected, fuel was the main driver for headline CPI, allowing

both the Y/Y & Q/Q metrics to top market consensus, at the margin. The headline

reading missed RBA exp. of +1.7% by 0.1 pp, while the trimmed mean reading met

the RBA exp., printing at +1.6% Y/Y. This will likely remove any pressure that

the RBA may have been feeling re: pulling the trigger again in August, as

referenced by market pricing (in the IB strip) since the release. YM -1.0 last,

with XM +0.5 tick, back from lows, with the curve flatter, after some light

steepening earlier in the day. Bills trade 1-4 ticks lower through the reds.