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JGBS: Cash Bonds Are Cheaper Ahead Of A Heavy US Calendar

JGBS
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JGB futures are weaker, -11 compared to the settlement levels.

  • (MNI) A BoJ board member emphasised the need to adjust the degree of easy policy further following the BoJ Board's call to raise the policy interest rate to 0.25% at the July meeting, the minutes showed. The BoJ should raise the policy rate to neutral, estimated to be at least 1%, toward the second half of the projection period, said another member.
  • Cash US tsys are ~0.5bp richer in today’s Asia-Pac session.  Today’s US calendar will see Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell.
  • Cash JGBs are cheaper across benchmarks, with the 40-year (+3.5bps) despite solid demand at today’s 40-year auction. The actual high yield of 2.34% was lower than BBG poll dealer expectations (2.35%).
  • Swap rates are 1bp lower to 6bps higher, with the curve steeper. Swap spreads are mixed.
  • Tomorrow, the local calendar will see Tokyo CPI, Weekly International Investment Flows and Coincident & Leading Index data.
  • (Bloomberg Economics) “Tokyo’s September CPI report due Friday is likely to show solid momentum in inflation, propelled by a positive wage-price cycle resulting from spring pay agreements.” (See link)
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JGB futures are weaker, -11 compared to the settlement levels.

  • (MNI) A BoJ board member emphasised the need to adjust the degree of easy policy further following the BoJ Board's call to raise the policy interest rate to 0.25% at the July meeting, the minutes showed. The BoJ should raise the policy rate to neutral, estimated to be at least 1%, toward the second half of the projection period, said another member.
  • Cash US tsys are ~0.5bp richer in today’s Asia-Pac session.  Today’s US calendar will see Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell.
  • Cash JGBs are cheaper across benchmarks, with the 40-year (+3.5bps) despite solid demand at today’s 40-year auction. The actual high yield of 2.34% was lower than BBG poll dealer expectations (2.35%).
  • Swap rates are 1bp lower to 6bps higher, with the curve steeper. Swap spreads are mixed.
  • Tomorrow, the local calendar will see Tokyo CPI, Weekly International Investment Flows and Coincident & Leading Index data.
  • (Bloomberg Economics) “Tokyo’s September CPI report due Friday is likely to show solid momentum in inflation, propelled by a positive wage-price cycle resulting from spring pay agreements.” (See link)