The U.S. outlining tariffs to be.......>

BOND SUMMARY: The U.S. outlining tariffs to be implemented on Mexican goods

(with the ability to be quickly upscaled if Mexico doesn't alter its actions re:

the southern U.S. border) & BBG reports pointing to the Chinese readying a plan

re: rare earth exports to the U.S., if needed, had risk on the defensive

overnight, with a fresh leg noted as European traders go to their desks. TYU9

last trades +0-15+ at 126-15, with the curve bull steepening. U.S. 10-Year cash

Tsy yields last 2.177%, as yields extend on their recent falls. Downside

interest via FVN9 options was seen once again overnight, at a higher strike.

Eurodollar futures trade 2-9 ticks higher thru the reds.

- JGB futures are +16 ticks, with the curve bull flattening. The BoJ left the

size of its 5-25+ Year Rinban operations unchanged, with focus now moving to the

BoJ's June Rinban plans, due after hours today (the recent run lower in yields

has some touting a reduction in purchases in the coming weeks).

- Aussie bonds just shy of best levels, YM +2.0 ticks & XM +6.0 ticks. YM/XM <

40.0 ticks. Bills trade unch.-2 ticks higher through the reds.

- German FI higher; Schatz +2.0 tick, Bobls +13.0 ticks, Bunds +36 ticks.