Futures Unchanged Overnight, Modest Gains From US Tsys After FOMC Minutes

In post-Tokyo trade, JGB futures are little changed, closing +1 compared to settlement levels, after modest gains for US tsys following another day of limited economic data and news flow.

• The Bureau of Labor Statistics reported that US payroll growth in the year to March was preliminarily revised down by 818k or 68k per month.
• The July FOMC minutes signaled that participants were eyeing a cut in September, with "several" seeing it as "plausible" to cut already in July. There weren't many clues in the minutes on future monetary policy beyond that, with no mention of a potential >25bp cut.
• The US 2-year yield declined 5bps to 3.93%, after reaching a session low of 3.88% after the FOMC minutes. The long-end reaction was more muted with 10-year yields finishing little changed at 3.80%.
• The US$16 billion 20-year auction went smoothly and cleared close to the prevailing market levels.
• Focus turns to the KC Fed-hosted Jackson Hole economic symposium "Reassessing the Effectiveness and Transmission of Monetary Policy," which will be held Aug. 22-24, with Fed Chairman Powell speaking 1000ET Friday morning.
• Today, the local calendar will see weekly International Investment Flow, Jibun Bank PMIs and Machine Tool Orders data alongside an Enhanced Liquidity Auction for 5-15.5-year OTR JGBs.