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Futures weaker Overnight, 1/3 Of Economists Expect A BoJ Hike In July

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In post-Tokyo trade, JGB futures are weaker, closing -7 compared to settlement levels, after US tsys finished a couple of bps cheaper.

  • US yields were pressured by hawkish comments from the Fed's Bowman, risk-on flows into the NASDAQ, slightly better-than-expected labour market confidence and higher-than-expected Canadian CPI.
  • Federal Reserve Governor Michelle Bowman said it would likely be "some time" before the U.S. central bank can begin lowering interest rates, warning that U.S. monetary policy over the coming months could diverge from that of other advanced economies.
  • The US Conference Board measure of consumer confidence was close to expectations. However, the labour market indicator rose for the first time this year, raising whether labour market conditions are deteriorating.
  • Canadian CPI inflation data printed higher than expected in May, breaking a four-month run of lower figures. Annual headline inflation rose 0.2 ppts to 2.9% with the average of the median and trim core measures up 0.1 ppts to 2.85%.
  • The Bank of Japan will raise its interest rate in July in addition to unveiling a roadmap for its path toward quantitative tightening, according to one-third of economists surveyed by Bloomberg. (See link)
  • Today, the local calendar is empty, ahead of Retail Sales and weekly International Investment Flow data tomorrow. Thursday also sees 2-year supply.
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In post-Tokyo trade, JGB futures are weaker, closing -7 compared to settlement levels, after US tsys finished a couple of bps cheaper.

  • US yields were pressured by hawkish comments from the Fed's Bowman, risk-on flows into the NASDAQ, slightly better-than-expected labour market confidence and higher-than-expected Canadian CPI.
  • Federal Reserve Governor Michelle Bowman said it would likely be "some time" before the U.S. central bank can begin lowering interest rates, warning that U.S. monetary policy over the coming months could diverge from that of other advanced economies.
  • The US Conference Board measure of consumer confidence was close to expectations. However, the labour market indicator rose for the first time this year, raising whether labour market conditions are deteriorating.
  • Canadian CPI inflation data printed higher than expected in May, breaking a four-month run of lower figures. Annual headline inflation rose 0.2 ppts to 2.9% with the average of the median and trim core measures up 0.1 ppts to 2.85%.
  • The Bank of Japan will raise its interest rate in July in addition to unveiling a roadmap for its path toward quantitative tightening, according to one-third of economists surveyed by Bloomberg. (See link)
  • Today, the local calendar is empty, ahead of Retail Sales and weekly International Investment Flow data tomorrow. Thursday also sees 2-year supply.