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Futures Weaker Overnight With US Tsys, National CPI Broadly In-Line

JGBS

In post-Tokyo trade, JGB futures are sharply lower, closing -30 compared to settlement levels.

  • National CPI measures for July printed largely in line, with Headline at +2.8% y/y versus +2.7% est. and +2.8% prior. Core CPI showed +2.7% y/y versus +2.7% est. and +2.6% prior. Core-Core CPI printed +1.9% y/y versus +1.9% est. and +2.2% prior.
  • BoJ Governor Ueda is scheduled to respond to questions from lawmakers in the lower house of parliament starting 0930 JT tomorrow, followed by another session in the upper house beginning at 1 p.m. Each session is set to last two and a half hours.
  • Overnight, US tsys finished weaker following steady to mixed data and cautious comments from Fed’s Schmid ahead of the Jackson Hole Symposium.
  • The Fed could be approaching the time to reduce interest rates, but it must make sure inflation is coming down sustainably to its 2% target, Kansas City Fed President Jeffrey Schmid said Thursday.
  • US initial jobless claims were in line at 232k, with the four-week moving average looking like a plateau rather than suggesting any further deterioration in the labour market.
  • A poor TIPS sale also probably weighed on the market. The benchmark 2-year yield rose 7bps to 4.00%. The 10-year yield increased 5bps to 3.85%.
  • Today, the local calendar will also see Department Sales data.
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