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BoJ's Activist Approach Stems Global Bond Rout

BOND SUMMARY
  • Global bond futures trade positively headed into the NY crossover, with early weakness in prices partially reversing across the European morning. The run-up in US yields remains a focus, with a new cycle high in the 10y at 2.977% printed in Asia-Pacific hours, before reversing as the Bank of Japan stepped in to defend their yield target of 0.25%. The failure of the US 10y yield to reach and top 3.00% will likely remain a talking point, with speculation that this psychological level could represent a near-term top for markets.
  • The activist approach from the BoJ helped stem losses across global bond markets, with the bank pledging to undergo a series of unscheduled operations to enforce their monetary policy goals.
  • The BoJ announcements helped Bund futures find a floor at 153.25, adding over a point to sit either side of 154.50 at typing, with the German curve very moderately flatter.
  • Focus turns to Canadian CPI and US existing home sales data, as well as speeches from ECB's Rehn & Nagel as well as Fed's Daly, Kashkari, Evans and Bostic. The Fed Beige Book is also up.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsBond Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsBond Market News

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