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Sharply Weaker With US Tsys Following US CPI Print

JGBS

In post-Tokyo trade, JGB futures are cheaper, closing -44 compared to settlement levels, after US tsys bear-flattened following the release of higher-than-expected CPI data for January. US tsy yields finished 9-21bps higher.

  • Both headline and core CPI inflation figures for January surpassed expectations by 0.1 percentage points, with rounding pushing the annual figures up by 0.2 percentage points. The core measure increased by 0.4% m/m, maintaining the annual increase of 3.9% y/y, unchanged from the prior month.
  • Projected Fed rate cut pricing continued to ebb: March’s chance of a 25bp rate cut is currently at 11% vs. 18% on Monday. The May meeting finished with a cumulative easing of 10bps at 5.23% and June with a cumulative 24bps at 5.09%.
  • Today, the local calendar is empty, apart from 10-year climate transition bonds.
  • (Bloomberg) -- The world’s first sovereign transition bonds on sale Wednesday in Japan look set to see strong demand due to their novelty despite scepticism among investors abroad about the debt’s environmental credentials. (See link)
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