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Futures Uptick Overnight But US Tsy Futures Re-Open Lower After Fed Waller

JGBS

In post-Tokyo trade, JGB futures have upticked, closing +4 compared to settlement levels, after US tsys finished the NY session 2-5bps richer. In the absence of economic data or fresh catalysts, the move appeared driven by month-end extensions and a strong 7-year tsy auction.

  • The issue yield (4.185%) was 0.8bp below the W/I of 4.193% at the auction deadline. The bid to cover (2.61) rose from Feb's 2.58 and indirect bidders (69.7%) rose from Feb's 69.6%.
  • The S&P 500 climbed 0.9% to 5248, the 21st new high for 2024.
  • Aftermarket, Fed Waller said the Fed should wait a "couple months" to get a better understanding of the trajectory of inflation, but he still expects the central bank to begin reducing the target range for the federal funds rate this year. (See MNI link)
  • Jun'24 10Y futures gapped lower at the Asia-Pac open following Fed Waller’s comments. TYM4 is dealing at 110-23, down 05 from the close.
  • Today, the local calendar sees Weekly International Investment Flow data, along with BoJ Summary of Opinions (March MPM).
  • The BoJ will also conduct Rinban operations covering 3- to 25-year JGBs.
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