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Futures Stronger Overnight, 5Y Supply Due, US CPI Later Today

JGBS

In post-Tokyo trade, JGB futures are stronger, closing +10 compared to settlement levels, after US tsys finished strongly after lower-than-expected PPI data. The front end paced the gains in a bull-steepener with the 2-year yield declining 9bps to 3.93%, the lowest since last Monday. The 10-year yield fell 6bps to 3.84%.

  • PPI final demand in July printed at 0.10% m/m (cons 0.2%). It came with a net upward revision of 0.09pps but that was mainly in Mar and May, whilst June was revised down from 0.22% to 0.18%.
  • Federal Reserve Bank of Atlanta President Raphael Bostic said interest rates will fall by the end of the year if the economy performs as he expects, adding that the risks to the central bank's dual employment and price goals are balancing.
  • US CPI is due for release later today. Consensus sees core CPI at 0.2% m/m in July after the far softer than expected 0.065% m/m in June, with a mild skew towards a “low” 0.2% per MNI’s compilation of sell-side previews. (See MNI CPI Preview here)
  • BoJ Governor Ueda will appear before parliament on August 23 to take questions on the BoJ's end of July rate hike (with subsequent market turmoil a likely focus point).
  • Today, the local calendar is empty apart from 5-year supply.
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