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Futures Downtick Overnight, US Tsys Modestly Weaker In A Data Light Session

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In post-Tokyo trade, JGB futures downtick, closing -1 compared to settlement levels, after US tsys finished Monday's session modestly weaker. The 2-year and 10-year yields were up around 2bps to 4.85% and 4.44% respectively.

  • Corporate debt issuance climbed over $15B, with rate lock hedging contributing to the early session selling. Pick-up in tsy quarterly futures roll from Jun'24 to Sep'24.
  • With US data light, the focus was on Fed speak from Jefferson, Barr, Bostic, Daly, and Mester. All reiterating the "high-for-longer" stance, suggesting that it is too soon to tell if inflationary pressures are moving down sustainably to the 2% goal. They want more evidence that they are making progress.
  • Mester also said she no longer believed the 3 rate cuts she had pencilled in for this year were appropriate.
  • It is a quiet start to the week with no US data until mid-week. The focus is on the minutes from the May 1 FOMC on Wednesday.
  • The local data calendar has just April Tokyo condominiums for sale on tap today.
  • A survey conducted by the BoJ noted that corporates/manufacturers would prefer FX stability is prioritised over from a policy standpoint rather than growth/inflation (see this BBG link)
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In post-Tokyo trade, JGB futures downtick, closing -1 compared to settlement levels, after US tsys finished Monday's session modestly weaker. The 2-year and 10-year yields were up around 2bps to 4.85% and 4.44% respectively.

  • Corporate debt issuance climbed over $15B, with rate lock hedging contributing to the early session selling. Pick-up in tsy quarterly futures roll from Jun'24 to Sep'24.
  • With US data light, the focus was on Fed speak from Jefferson, Barr, Bostic, Daly, and Mester. All reiterating the "high-for-longer" stance, suggesting that it is too soon to tell if inflationary pressures are moving down sustainably to the 2% goal. They want more evidence that they are making progress.
  • Mester also said she no longer believed the 3 rate cuts she had pencilled in for this year were appropriate.
  • It is a quiet start to the week with no US data until mid-week. The focus is on the minutes from the May 1 FOMC on Wednesday.
  • The local data calendar has just April Tokyo condominiums for sale on tap today.
  • A survey conducted by the BoJ noted that corporates/manufacturers would prefer FX stability is prioritised over from a policy standpoint rather than growth/inflation (see this BBG link)