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Overnight Down Tick For Futures Despite US Tsys Rally, BoJ Summary Of Opinions Due

JGBS

In post-Tokyo trade, JGB futures have down ticked, closing -4 compared to settlement levels, after US tsys twist-flattened, with yields 2bps higher to 6bps lower, following the cut in the US Tsy’s borrowing estimate from $816B to $760B late Monday. The focus is now on tomorrow's refunding announcement at 0830 ET. The FOMC Policy Decision is due Thursday morning local time.

  • US data out overnight showed higher than expected JOLTS jobs opening at 9.026m Vs 8.75m exp. Meanwhile, Conference Board Consumer Confidence data was in line with expectations for January, but the labour market differential increased strongly from 27.3 to 35.7 for its highest level since April. The 8.4pt increase was the strongest monthly increase since May’21.
  • (Bloomberg) The BoJ leaves unchanged its bond-buying plan for 1Q in the announcement of operation dates for February.
  • Wages and the election cycle remain domestic focus points, see this BBG link (ICYMI).
  • Today on the data front we have Dec Retail Sales, IP, Consumer Confidence and Housing Starts. Also, note the BoJ summary of opinions from the Jan meeting is out.
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