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Futures Higher After US Tsys Look Past Hawkish Fed Speak

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In post-Tokyo trade, JGB futures are richer, closing +6 compared to settlement levels, after US tsys finished the NY session with modest gains following yesterday’s Fed speak. The long end outperformed slightly with the 10-year sliding -3bps to 4.41%. The 2-year was -2bps lower at 4.83%.

  • Recent U.S. economic data indicate high interest rates are helping to cool off demand and disinflation has likely resumed, but the Federal Reserve needs to see several more months of good inflation data before cutting rates, Governor Christopher Waller said Tuesday.
  • Atlanta Fed President Bostic, a voter this year, repeated his message earlier in the week that he doesn’t expect a rate cut before the fourth quarter.
  • Decent corporate debt issuance climbed over $12B, rate lock hedging helped constrain short cover/position squaring support.
  • (MNI) It will take more time than previously believed for inflation to return to the Federal Reserve’s 2% target, Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester said Tuesday aftermarket. (See link)
  • Today, the local calendar sees Trade Balance and Core Machine Orders alongside 40-year supply.
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In post-Tokyo trade, JGB futures are richer, closing +6 compared to settlement levels, after US tsys finished the NY session with modest gains following yesterday’s Fed speak. The long end outperformed slightly with the 10-year sliding -3bps to 4.41%. The 2-year was -2bps lower at 4.83%.

  • Recent U.S. economic data indicate high interest rates are helping to cool off demand and disinflation has likely resumed, but the Federal Reserve needs to see several more months of good inflation data before cutting rates, Governor Christopher Waller said Tuesday.
  • Atlanta Fed President Bostic, a voter this year, repeated his message earlier in the week that he doesn’t expect a rate cut before the fourth quarter.
  • Decent corporate debt issuance climbed over $12B, rate lock hedging helped constrain short cover/position squaring support.
  • (MNI) It will take more time than previously believed for inflation to return to the Federal Reserve’s 2% target, Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester said Tuesday aftermarket. (See link)
  • Today, the local calendar sees Trade Balance and Core Machine Orders alongside 40-year supply.