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Steady, Light Local Calendar, US Debt Ceiling Impasse

JGBS

In post-Tokyo trade, JGB futures are steady, closing +4 compared to settlement levels, after US tsys traded cheaper before the weekend. Optimism about a debt ceiling deal was dampened when GOP negotiators walked out of talks, causing a risk-off decline in US tsy yields. Yields had pushed to their highest levels since mid-March in early NY trade, continuing the trend from last week.

  • Debt ceiling talks overshadowed comments by Fed Chair Powell, suggesting a potential pause at the upcoming June FOMC meeting.
  • According to a Bloomberg article, investment trusts have turned from a major seller to a record buyer of JGB futures. Receding bets on more central bank policy shifts have taken the pressure off a once-beleaguered market. (link)
  • Core Machine Orders from March is the only data scheduled to cross today, a Y/Y rise of 1.4% is expected.
  • The economic data highlight this week will be the timelier Tokyo May CPI on Friday. Recent national figures indicated that Japan's prices picked up in April after a period of cooling earlier in the year. If inflation continues to remain persistent, it could potentially lead to a shift in the BoJ’s YCC stance.
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