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Rising Bonds Lifts All Durations

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BOND SUMMARY: T-Notes meandered within a tight range and last trade +0-00+ at
137-23+ as all eyes are already on the Fed, due to deliver its monetary policy
decision today. U.S. Tsy yields sit higher across the curve, save for 3s.
Eurodollars last trade unch. to +0.5 tick through the reds. The Asia session saw
little in the way of market moving headlines and data releases.
- JGB futures more than retraced their initial foray above yesterday's high &
round fig. of 152.00. The contract sits at 151.89, -7 ticks vs. settlement as we
type. Yields are marginally mixed across the curve, with belly underperforming.
Little attention was paid to misses in Japanese PPI & core machine orders.
Elsewhere, the BoJ left the sizes of its 3-5 & 5-10 Year JGB purchases unch.
- The RBA skipped its bond buying ops even as 3-Year ACGB yield (last 0.261%)
continues to hover above the target of 0.25%. Cash trade saw a degree of twist
flattening today, while YM last sits -0.5 & XM trades +2.75. Bills last seen
unch. to -3 ticks through the reds. Australian Westpac Consumer Confidence
improved this month, while housing finance data topped expectations. Elsewhere,
the AOFM tapped A$2.0bn worth of ACGB 1.00% 21 Dec '30.

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