Thanksgiving Lull

Little to write home so far, with cash Tsy markets closed & activity limited owing to the Thanksgiving holiday in the U.S. Regional headline flow has been rather uninspiring so far, leaving core FI happy to hug tight ranges. T-Notes trade +0-01+ at 138-10, with Eurodollar futures running unch. through the reds.

• JGB futures have faded an earlier uptick, remaining rangebound in the process, and last trade at 152.15, +1 tick vs. settlement. The super-long end of cash JGB curve underperforms at the margin, as some very mild steepening has crept in. The BoJ left the sizes of its 1-3 & 5-25 Year JGB purchases unch. MoF officials will hold meetings on Japan's third extra budget/debt issuance. The meeting with bond investors has just started and another one with primary bond dealers is slated at 16:00 local time.
• In Australia, YM trades flat & XM +1.5. Cash ACGB curve has bull flattened a tad, with yields sitting unch. to -2.1bp. Bills trade unch. to -1 tick through the reds. The RBA offered to buy A$2.0bn worth of ACGBs with maturities of Nov '28 - Nov '31 as part of its QE programme.