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Futures Uptick Overnight, Light Calendar, 30Y Supply Due

JGBS

In post-Tokyo trade, JGB futures have up-ticked, closing +5 compared to settlement levels, after US tsys finished the NY session with solid gains after two heavy days of selling. US tsys finished 4-8bps richer across benchmarks.

  • There was a muted initial reaction to Cleveland Fed Mester economic outlook comments, which were largely in line with Chairman Powell's comments: "POLICY IS IN A GOOD PLACE, MISTAKE TO CUT RATE TOO SOON … CAN'T COUNT AS MUCH ON SUPPLY SIDE TO LOWER INFLATION”.
  • However, while addressing the media later in the afternoon, Mester reiterated the likelihood of three rate cuts in 2024. MN Fed President Kashkari also sounded more placative of late.
  • Today, the local calendar is light with Leading and Coincident Indices for December (Preliminary), along with 30-year supply.
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