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Futures Downtick, US Tsys Subdued Ahead Of FOMC

JGBS

In post-Tokyo trade, JGB futures downtick, closing -1 compared to settlement levels, after US tsys cheapen slightly ahead of the FOMC later today. US tsys had cheapened early after strong Consumer Confidence and House Prices readings as well as upward revisions to the IMF's global growth and core CPI forecasts. However, that cheapening had been pared by the close after news that Banc of California was in advanced talks to buy PacWest. The news drove the KBW banking index lower.

  • Locally, the Japanese government expects long-term inflation to remain around 0.7% in the long run (2027-2032) under its baseline scenario (see this link). The Cabinet Office forecasts were presented to Council on Economic and Fiscal Policy, which advises Japan Prime Minister Kishida.
  • (NYT) Paul Krugman: What Happened to Japan? (See link)
  • On the data front, we have the June PPI services print. The market projects +1.5% y/y, versus 1.6% prior. Later on, the leading and coincident indices (final for May) print.
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