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T-Notes retained topside momentum at...>

BOND SUMMARY
BOND SUMMARY: T-Notes retained topside momentum at the start to the Asia session
and moved through yesterday's highs before stabilising. The contract last trades
+0-08 at 138-23+, as participants in the region digested the Fed's MonPol
decision/rhetoric, including their forecast of no rate hikes a least through
2022 & warnings re: a difficult economic recovery ahead. yield curve has bull
flattened in cash trade. Eurodollars last seen -0.5 to +1.0 tick thru reds. U.S.
initial jobless claims & PPI headline the local data docket today.
- JGB futures reopened on a firmer footing, then slid through the morning
session and recoiled again after lunch. The contract sits at 152.12, +19 ticks
vs. settlement. Cash JGB yields sit lower across the curve. The MoF conducted an
enhanced liquidity auction for off-the-run 15.5-39 Year JGBs. In local news,
Tokyo Governor Koike said that the capital may remove an alert and ease some
business restrictions. TBS reported the move may be announced as soon as today.
- Australian YM +0.5 & XM +9.0 as we type. Yield curve bull flattened on the
back of the initial post-FOMC impetus and deepened the move thereafter. Bills
sit -1 to +1 tick through the reds. The RBA again refrained from its YCC ops.

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