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BOND SUMMARY: T-Notes lost altitude as U.S. equity index futures recoiled,
suggesting that yesterday's risk-off impetus is dissipating. The contract sits
-0-11 at its session low of 138-22+ as we type. Bear steepening is evident in
cash curve, as the space corrected yesterday's flattening. Eurodollar futures
last seen 1.75-4.0 ticks lower through the reds, after the Fed said it will
increase the minimum bid rates on its overnight & term repos.
- JGB futures rallied to a session high of 152.35 in the morning session, as the
Nikkei 225 reopened lower on a negative lead from Wall St. The contract shed
gains into the lunch break as local equities trimmed losses. JGB futures last
trade at 152.24, +7 ticks vs. settlement, with cash yields operating marginally
lower across the curve. The BoJ left the sizes of its 1-3 & 3-5 Year JGB
purchases unch. today. Japan's final industrial output figures were ignored.
- Australian YM is unch., while XM sits +2.25 after fading the initial uptick on
the back of familiar risk dynamics. Yield curve still runs flatter as we head
for the London morning. Bills last seen unch. to +1 through the reds.

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