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Late Session Focus on BOJ Rate Decision Tonight

US TSY FUTURES
  • Treasury futures are extending session lows, curves bear steepening with the short end resisting the post-auction sell-off. While the 7Y note sale tailed 1.5bp, Treasury futures experienced a knee-jerk sell-off to new session lows after Nikkei report elevated yield curve control discussion by the BOJ at tonight's policy meeting (2200ET).
  • "The Bank of Japan will discuss tweaking its yield curve control policy at a policy board meeting Friday to let long-term interest rates rise beyond its cap of 0.5% by a certain degree, Nikkei has learned, in what would be a shift toward a more flexible policy approach."
  • Treasury 10Y futures have fallen to 110-30.5 low (-1-06), yield hitting 4.0142% high (July 10 levels), well through 1.0% 10-dma envelope support, and just above 110-28 (76.4% retracement of the Jul 7 - 18 rally). A breach of 110-28 puts focus on key support of 110-05 (Low Jul 6 and the bear trigger).
  • Curves have bear steepened on the move, 3M10Y currently +16.191 at -142.759 (compared to -173.5 low on July 18), 2s10s +5.816 at -93.079.
  • Reminder: heavy slate of corporate earning remain after today's close, include: Intel, Olin Corp, Weyerhaeuser, KLA, Roku, Juniper Networks, Mettler-Toledo, Mohawk Ind, US Steel Corp.
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