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Rebounds Despite Headwinds


(U1) Fades Off 2021 Highs

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Futures +4 at the break, sticking to a tight range during the Tokyo morning. The JGB curve is the exception to the broader rule in terms of the global core FI curves, twist steepening as opposed to twist flattening, with 20+-Year paper cheapening during the Tokyo morning. It is hard to pin a particular reason to the move. There has been a lack of domestic news flow to focus on, outside of the flat prints across all 3 major Tokyo CPI readings, with that outcome a touch firmer than expected.