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Japan June Inflation Accelerated; +2.2% Y/Y


Attempting To Break Above 1.1100

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BOND SUMMARY: The underlying theme so far today is risk-on, with Eurozone
economic data (GDP, PMIs) largely in line with modest expectations and political
developments helping the EMU periphery. 
-Specifically, pushback from Italy President Mattarella on fresh elections has
helped 10-year BTP/Bund spreads fall to 117.5bps, down more than 5bps from
Monday's pre-holiday close. German 10-yr Bund yield is 2.3bp higher at 0.582%.
- Better than expected UK construction data for April accelerated losses for
June gilt futures, trading 44 ticks lower at 122.01. 
- US 10y Tsy yields are up 2.4bps and look like they are again going to test the
3.00% level, now at 2.9906%. Focus is on today's FOMC MonPol decision, with the
Fed expected to stand pat. Participants are looking to the June meeting, with
markets fully pricing in a hike at next month's decision. US ADP data also hits
today. The US Tsy will also announce its quarterly refunding details.
- JGBs slipped as Tsys moved lower and the latest liquidity enhancement auction
for JGBs with 1-5 Years until maturity experienced a softer bid-to-cover ratio
than the prior. Jun8 JGB futures last trade 5 ticks worse off at 150.83.

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