CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

JGBS: Cash Bonds Twist-Flatten After Natl CPI Core Measures Slightly Beat

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In Tokyo morning trade, JGB futures are basically unchanged, -1 compared to settlement levels.

  • According to MNI’s technicals team, recent weakness has culminated in a break of 143.57, marking both the Jul 17 high on the continuation contract as well as the Oct 22 low. For now, the 50-dma tops out at 144.19, and marks first resistance. Any recovery would open 146.53, the Aug 6 high (cont) and a bull trigger.
  • Japan nationwide Oct CPI prints were a little above market expectations. The headline printed in line with consensus at 2.3%y/y, versus 2.5% prior. The core ex fresh food measure was 2.3%y/y, against a 2.2% forecast and 2.4% prior outcome. The core measure which also excludes energy was 2.3%y/y against a 2.2% forecast and 2.1% prior.
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest bear-steepener ahead of the Thanksgiving Day holiday.
  • Cash JGBs have twist-flattened across benchmarks beyond the 1-year, pivoting at the 10-year, with yields 1bp higher to 1bp lower. The benchmark 10-year yield is 0.2bp lower at 1.096% versus the cycle high of 1.108%.
  • Swaps are dealing mixed, with rates 1bp lower to 2bps higher. Swap spreads are mixed.
193 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

In Tokyo morning trade, JGB futures are basically unchanged, -1 compared to settlement levels.

  • According to MNI’s technicals team, recent weakness has culminated in a break of 143.57, marking both the Jul 17 high on the continuation contract as well as the Oct 22 low. For now, the 50-dma tops out at 144.19, and marks first resistance. Any recovery would open 146.53, the Aug 6 high (cont) and a bull trigger.
  • Japan nationwide Oct CPI prints were a little above market expectations. The headline printed in line with consensus at 2.3%y/y, versus 2.5% prior. The core ex fresh food measure was 2.3%y/y, against a 2.2% forecast and 2.4% prior outcome. The core measure which also excludes energy was 2.3%y/y against a 2.2% forecast and 2.1% prior.
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest bear-steepener ahead of the Thanksgiving Day holiday.
  • Cash JGBs have twist-flattened across benchmarks beyond the 1-year, pivoting at the 10-year, with yields 1bp higher to 1bp lower. The benchmark 10-year yield is 0.2bp lower at 1.096% versus the cycle high of 1.108%.
  • Swaps are dealing mixed, with rates 1bp lower to 2bps higher. Swap spreads are mixed.