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Bear-Steepener After A Poor 40Y Auction, FOMC Minutes Later Today

JGBS

JGB futures are weaker and at session lows, -4 compared to the settlement levels, in afternoon trading.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Trade Balance and Machine Orders data.
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session ahead of the release of the May Meeting FOMC Minutes later today.
  • The cash JGB curve has bear-steepened following today’s lacklustre 40-year auction, with yields flat to 4bps higher. The benchmark 10-year yield is 1.5bp higher at 0.995%, a new cycle high.
  • The 40-year yield zone is 2.0bps in post-auction trading and approximately 4bps higher on the day.
  • The swaps curve has bear-steepened, with rates flat to 4bps higher.
  • Tomorrow, the local calendar sees Weekly International Investment Flow, Jibun Bank PMIs and Machine Tool Orders data alongside BoJ Rinban Operations covering 1-10-year JGBs.
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