T-Notes Peek Under Tuesday's Low

T-Notes have edged lower, nearing Tuesday's worst levels, and last trade -0-02 at 131-31. The contract had a brief look below yesterday's worst levels, but has already moved away from its early session low of 131-29+, with little in the way of fresh headline flow to drive these swings. Cash Tsy yields sit a touch higher across the marginally steepened curve. Eurodollar futures last seen unch. to -0.5 tick through the reds. Speculation surrounding U.S. Pres Biden's latest round of fiscal support continues to do the rounds, as we await today's MonPol decision from the FOMC.

• JGB futures have wavered within a tight range, the contract trades at 151.37 at typing, 8 ticks below last settlement. Cash JGB yields mostly sit marginally higher, save for 2s & the marginally outperforming 5s. Japanese retail sales rose faster than forecast and focus now turns to 2-Year JGB supply & the BoJ's Rinban outline for May.
• Aussie yield curve has bear steepened, with cash yields last seen 0.5-5.6bp higher as we type. YM last trades -1.5 & XM -5.0, just above session lows. Bills trade 1-2 ticks lower through the reds. Today's CPI report provides the main point of note locally, with weekly payrolls data & preliminary monthly trade balance also due.