Futures Slightly Lower After Jackson Hole Offers Few Surprises

In post-Tokyo trade ahead of the weekend, JGB futures are weaker, closing -6 compared to settlement levels, after US tsys finished 6bps cheaper to 2bps richer across the major benchmarks. The curve twist flattened pivoting on 10s. US tsys were volatile as Fed Chair Powell spoke at the Jackson Hole Symposium before firming off session lows alongside US Equities as Powell's remarks were balanced. Meanwhile, ECB President Christine Lagarde vowed to set borrowing costs as high as needed and leave them there until inflation is back to its goal.

• In contrast, BoJ Governor Ueda said price growth remained slower than the central bank’s goal, explaining why officials are continuing with their current monetary policy strategy. “We think underlying inflation is still a bit below our target of 2%,” Ueda said. “This is why we are sticking with our current monetary easing framework.”
• Today the local calendar sees June Leading and Coincident Indices, ahead of the July Jobless Rate data tomorrow.