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Futures Down Tick In Overnight Trading, US Debt Ceiling Talks Continue

JGBS

JGB futures down ticked in post-Tokyo trade, closing -7 compared to settlement levels. With a light data calendar and no fresh breakthrough in the debt ceiling talks, cash US tsys finished 3-5bp cheaper in NY trade.

  • President Biden and House Speaker McCarthy will meet later this morning on debt ceiling negotiations. It seems that their positions remain a distance apart.
  • Despite Federal Reserve Chair Powell's recent comments indicating a potential pause, market expectations for a 25bp interest rate hike at the upcoming FOMC meeting in June are slowly rising, currently reaching 22%. This sentiment was reinforced by overnight statements from Fed Bullard, a non-voting member for 2023, who voiced support for two more 25bp rate increases. Additionally, Fed Kashkari, a voting member for 2023, hinted at his preference for further tightening of monetary policy.
  • May Preliminary Jibun Bank Services and Manufacturing PMI is on the wires today, there is no estimate for the print. We also see April Dept Store Sales.
  • The MoF plans to sell Y250bn of 10-year index-linked bonds.
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