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JGBS: Subdued Data-Light Session, PPI & 30Y Supply Tomorrow

JGBS
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JGB futures have pushed into negative territory, -6 compared to settlement levels.

  • Outside of the previously outlined M2 & M3 Money Stock, there hasn't been much by way of domestic drivers to flag. Machine Tool Orders data is due soon.
  • Cash US tsys are flat to 4bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.
  • Fed futures are pricing 17bps of cuts at the December meeting with a cumulative 25.7bps of cuts priced in by the January meeting.
  • Cash JGBs are little changed across benchmarks beyond the 1-year (+2bps).
  • Swap rates are little changed as well.
  • Tomorrow, the local calendar will see PPI data alongside 30-year supply.
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JGB futures have pushed into negative territory, -6 compared to settlement levels.

  • Outside of the previously outlined M2 & M3 Money Stock, there hasn't been much by way of domestic drivers to flag. Machine Tool Orders data is due soon.
  • Cash US tsys are flat to 4bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.
  • Fed futures are pricing 17bps of cuts at the December meeting with a cumulative 25.7bps of cuts priced in by the January meeting.
  • Cash JGBs are little changed across benchmarks beyond the 1-year (+2bps).
  • Swap rates are little changed as well.
  • Tomorrow, the local calendar will see PPI data alongside 30-year supply.