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Effective Fed Funds Rate

COPPER TECHS

(H2) Approaching The Bull Trigger

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Mann on the path

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JGBS

Goldman Sachs note that "Prime Minister Shinzo Abe announced his early resignation to the surprise of markets, about one year ahead of his scheduled departure (September 2021), citing health related issues. He will remain in the seat until the Liberal Democratic Party (LDP) elects a new President to serve as PM through the remainder of Prime Minister Abe's term, subject to nomination in both houses. Following the announcement, while the yen strengthened, the reaction in JGBs was more muted. While speculation on potential replacements is still nascent, our economists expect continuity in both the monetary and fiscal policy in the near term. Absent substantive monetary policy changes, and assuming YCC remains in place, we expect any near-term shifts may be more visible in FX than in the rates market - indeed, the JGB yield curve has been relatively stable through the steepening seen globally."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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