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Futures Downtick Overnight As Cash Tsys Resume Trading After Monday’s Holiday

JGBS

In post-Tokyo trade, JGB futures downtick, closing -2 compared to settlement levels, after US tsy futures finished slightly lower. Cash US Tsys finished dealing 11-15bps richer across the major benchmarks, with the belly leading, after trading resumed after Monday’s holiday.

  • Fed Bostic reaffirmed his view that benchmark rates are high enough to get inflation under control without dragging the economy into recession, while Fed Kashkari noted he wasn’t yet convinced that the recent rise in Tsy yields would lessen the need for further rate hikes.
  • Gains in US Tsys were pared after the latest 3-year supply. The auction tailed with below average bid/cover and indirect take up observed.
  • Oil traded sideways, maintaining the ~4% increase yesterday.
  • Today the local calendar is relatively light, with Machine Tool Orders as the only release.
  • The MOF plans to sell Y2.5tn of 5-year JGBs today.
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