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JGBS: Futures Weaker Overnight On Friday But Cash Earnings Weaker

JGBS
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In post-Tokyo trade on Friday, JGB futures closed weaker, -22 compared to settlement levels. 

  • January Labor Cash Earnings printed below expectations at +2.8% y/y versus +3.0% and a revised prior of +4.4%.  Real Cash Earnings printed -1.8% y/y versus -1.6% est. and +0.6% prior.
  • On Friday, US tsys finished Friday moderately cheaper following US payrolls, which closely matched expectations. US yields moved higher as equities recovered while European bond markets ended little changed after the large selloff in previous sessions. US equity markets rebounded from initial losses to close 0.5% higher.
  • US payrolls rose by 151k in February, trivially below the 160k consensus estimate. Net revisions to previous months were negligible. The unemployment rate increased to 4.1%, from 4.0% in January.
  • Fed Chair Powell said the central bank doesn’t need to hurry to ease policy further and the path to 2% inflation is expected to be bumpy. Fed governor Waller said he wouldn’t support a March cut but sees room to cut rates by two to three times this year.
  • Today, the local calendar will also see Current Account Balance and Bank Lending data alongside 5-year supply.
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In post-Tokyo trade on Friday, JGB futures closed weaker, -22 compared to settlement levels. 

  • January Labor Cash Earnings printed below expectations at +2.8% y/y versus +3.0% and a revised prior of +4.4%.  Real Cash Earnings printed -1.8% y/y versus -1.6% est. and +0.6% prior.
  • On Friday, US tsys finished Friday moderately cheaper following US payrolls, which closely matched expectations. US yields moved higher as equities recovered while European bond markets ended little changed after the large selloff in previous sessions. US equity markets rebounded from initial losses to close 0.5% higher.
  • US payrolls rose by 151k in February, trivially below the 160k consensus estimate. Net revisions to previous months were negligible. The unemployment rate increased to 4.1%, from 4.0% in January.
  • Fed Chair Powell said the central bank doesn’t need to hurry to ease policy further and the path to 2% inflation is expected to be bumpy. Fed governor Waller said he wouldn’t support a March cut but sees room to cut rates by two to three times this year.
  • Today, the local calendar will also see Current Account Balance and Bank Lending data alongside 5-year supply.