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JGBS: Futures Weaker Overnight, Core Natl CPI Measures Slightly Hotter

JGBS
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In post-Tokyo trade, JGB futures closed weaker, -3 compared to settlement levels, after US tsys closed showing a modest bear-steepener ahead of the Thanksgiving Day holiday. 

  • Headline National CPI has printed +2.3% y/y versus +2.3% est. and +2.5% prior. Core and Core-Core printed +2.3% and +2.3% respectively versus estimates of 2.2% and 2.2% and priors 2.4% and 2.1%.
  • Overnight, US tsys rallied early on renewed geopolitical tensions as Russia reportedly used an experimental ICBM. From there, US tsys’ rally faded, as US officials talked down the missile episode, and equities hit the week's best levels following Wednesday's Nvidia earnings beat.
  • The data did not have a lasting impact: solid initial jobless claims (for payrolls reference week) offset weakness in continuing claims, existing home sales remained subdued as expected, and regional Fed manufacturing surveys (Philly, KC) offered mixed indications of current activity.
  • Likewise, the multiple Fed speakers brought little new insight on the rates front, including an overnight interview with NY's Williams and, disappointingly, Cleveland Fed's Hammack who had no commentary on current monetary policy.
  • Friday's US docket is highlighted by preliminary PMIs for November, with the final November UofM survey also of note - the only Fed speaker scheduled is Gov Bowman after hours, but we've already heard from her this week.
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In post-Tokyo trade, JGB futures closed weaker, -3 compared to settlement levels, after US tsys closed showing a modest bear-steepener ahead of the Thanksgiving Day holiday. 

  • Headline National CPI has printed +2.3% y/y versus +2.3% est. and +2.5% prior. Core and Core-Core printed +2.3% and +2.3% respectively versus estimates of 2.2% and 2.2% and priors 2.4% and 2.1%.
  • Overnight, US tsys rallied early on renewed geopolitical tensions as Russia reportedly used an experimental ICBM. From there, US tsys’ rally faded, as US officials talked down the missile episode, and equities hit the week's best levels following Wednesday's Nvidia earnings beat.
  • The data did not have a lasting impact: solid initial jobless claims (for payrolls reference week) offset weakness in continuing claims, existing home sales remained subdued as expected, and regional Fed manufacturing surveys (Philly, KC) offered mixed indications of current activity.
  • Likewise, the multiple Fed speakers brought little new insight on the rates front, including an overnight interview with NY's Williams and, disappointingly, Cleveland Fed's Hammack who had no commentary on current monetary policy.
  • Friday's US docket is highlighted by preliminary PMIs for November, with the final November UofM survey also of note - the only Fed speaker scheduled is Gov Bowman after hours, but we've already heard from her this week.