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JGBS: Futures Stronger Overnight, Conflicting Signals From US Data & Fedspeak

JGBS
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In post-Tokyo trade, JGB futures are stronger, +7 compared to settlement levels, despite US tsys finishing with a bull-steepening following yesterday’s mixed data and Fedspeak. 

  • There was an upside surprise in September CPI (headline 0.18% M/M vs 0.08% est., Core 0.31% vs 0.25% est.).
  • Hurricane Helene impacted initial jobless claims rose to 35.5k.
  • Meanwhile, Atlanta Fed Bostic said the door is open to skip a rate cut in November. NY Fed Williams said policymakers should reduce rates to a more neutral level ‘over time’.
  • The US$22 billion 30-year auction attracted strong demand and cleared 1.5bps through the prevailing market level with the recent backup in yield attracting investors.
  • Comments from BoJ Deputy Governor Himino late yesterday were consistent with recent BoJ rhetoric around further policy adjustments if the outlook meets projections (per BBG).
  • Former BoJ official Momma stated rate hikes could come back into play if USD/JPY breaches 150.00 (also per BBG). The July hike from the central bank was in part in response to the weaker yen trend in the first half of the year.
  • Today, the local calendar will see M2 & M3 Money Stock data alongside BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs.
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In post-Tokyo trade, JGB futures are stronger, +7 compared to settlement levels, despite US tsys finishing with a bull-steepening following yesterday’s mixed data and Fedspeak. 

  • There was an upside surprise in September CPI (headline 0.18% M/M vs 0.08% est., Core 0.31% vs 0.25% est.).
  • Hurricane Helene impacted initial jobless claims rose to 35.5k.
  • Meanwhile, Atlanta Fed Bostic said the door is open to skip a rate cut in November. NY Fed Williams said policymakers should reduce rates to a more neutral level ‘over time’.
  • The US$22 billion 30-year auction attracted strong demand and cleared 1.5bps through the prevailing market level with the recent backup in yield attracting investors.
  • Comments from BoJ Deputy Governor Himino late yesterday were consistent with recent BoJ rhetoric around further policy adjustments if the outlook meets projections (per BBG).
  • Former BoJ official Momma stated rate hikes could come back into play if USD/JPY breaches 150.00 (also per BBG). The July hike from the central bank was in part in response to the weaker yen trend in the first half of the year.
  • Today, the local calendar will see M2 & M3 Money Stock data alongside BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs.