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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessKey Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
Futures Off Lows, 30-Year Auction Aids Twist Steepening
JGB futures recouped the losses incurred during the early break through their overnight session base, with the initial move lower presumably triggered by the firmer than expected wage data flagged earlier and Tokyo reaction to Monday’s weakening in core global FI markets. Futures are -10 into the close, while cash JGBs are 1bp richer to 1bp cheaper, pivoting around 30s.
- BoJ matters continue to dominate with Finance Minister Suzuki being the latest Cabinet level official to explicitly push back against the idea that BoJ Deputy Governor Amamiya has been tapped to succeed outgoing Governor Kuroda. Meanwhile, Chief Cabinet Secretary Matsuno noted that the timing and method of BoJ appointments are a matter for the Diet.
- Elsewhere, we saw comments surrounding last year’s intervention in FX markets on the part of the Japanese government, but there was little new information provided alongside the data, with Finance Minister Suzuki reiterating well-trodden rhetoric surrounding the FX market.
- The low price at the latest round of 30-Year JGB supply just missed expectations, while the price tail widened a touch even as the cover ratio pushed above the 6-auction average. It would seem that the relative richness vs. other super-long benchmarks and continued uncertainty re: BoJ policy post-Kuroda was enough to disincentivise some prospective bidders, albeit with prevailing yield levels proving enough to generate a baseline level of demand. 30+-Year paper struggled post auction, resulting in the aforementioned twist steepening.
- BoJ Rinban operations covering 1 to 25-Year JGBs headline domestically on Wednesday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.