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JGBS: Futures Richer, US Pres. Debate & BoJ Nakagawa Speech Due

JGBS
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In post-Tokyo trade, JGB futures are significantly stronger, +25 compared to settlement levels, after US tsys climbed steadily off session cheaps. US 2- and 10-year yields finished 6-7bps lower, with the curve steeper.

  • There was no US economic data yesterday, with the markets awaiting tomorrow’s CPI and Thursday’s PPI inflation measures. Core non-housing service inflation is expected to see at least a repeat of the 0.21% M/M from July, with six analysts between 0.20-0.35% M/M.
  • Before then, we will get the US presidential debate around lunchtime local time.
  • The Federal Reserve's top banking regulator Michael Barr said the biggest U.S. banks would face a 9% increase in capital requirements in a re-proposal of Basel endgame and G-SIB surcharge rules.
  • A rebound in tech shares, driven in part by Oracle, helped the Nasdaq Composite and S&P 500 advance. The Dow was lower, dragged by JPMorgan and Goldman Sachs.
  • Our Tokyo-based policy team also put out the following piece late yesterday local Japan time, MNI POLICY: BOJ Examines Upping Pace Of Hikes (see this link).
  • Today, the local calendar will see a speech from BoJ Board Member Nakagawa in Akita alongside BoJ Rinban Operations covering 1-10-year and 25-year+ JGBs.
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In post-Tokyo trade, JGB futures are significantly stronger, +25 compared to settlement levels, after US tsys climbed steadily off session cheaps. US 2- and 10-year yields finished 6-7bps lower, with the curve steeper.

  • There was no US economic data yesterday, with the markets awaiting tomorrow’s CPI and Thursday’s PPI inflation measures. Core non-housing service inflation is expected to see at least a repeat of the 0.21% M/M from July, with six analysts between 0.20-0.35% M/M.
  • Before then, we will get the US presidential debate around lunchtime local time.
  • The Federal Reserve's top banking regulator Michael Barr said the biggest U.S. banks would face a 9% increase in capital requirements in a re-proposal of Basel endgame and G-SIB surcharge rules.
  • A rebound in tech shares, driven in part by Oracle, helped the Nasdaq Composite and S&P 500 advance. The Dow was lower, dragged by JPMorgan and Goldman Sachs.
  • Our Tokyo-based policy team also put out the following piece late yesterday local Japan time, MNI POLICY: BOJ Examines Upping Pace Of Hikes (see this link).
  • Today, the local calendar will see a speech from BoJ Board Member Nakagawa in Akita alongside BoJ Rinban Operations covering 1-10-year and 25-year+ JGBs.