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Tsys Resume Losses After Holiday, JGB Curve Flattens Ahead Of BoJ

BONDS
U.S. Tsy curve has bear flattened as cash trading resumed after a long weekend, with yields sitting 2.8-5.1bp higher as we type. The 2-year Tsy yield has crossed above the 1% mark for the first time since Feb 2020, presumably on the back of the continued circulation of hawkish Fed musings. T-Notes have unwound their initial uptick and now change hands -0-13+ at 127-24+, while Eurodollar futures trade 1.5-5.5 ticks lower through the reds.
  • The BoJ may announce their monetary policy decision at any point from now. While they are expected to leave main policy parameters unchanged, focus will fall on any tweaks to the language/forecasts. JGB futures re-opened on a marginally firmer footing, they last trade unch. at 150.83 after a spell of largely sideways movement. Cash JGB yields sit lower across a slightly flatter curve. The release of industrial output data later today is unlikely to affect the space, with BoJ matters taking centre stage.
  • Aussie bond futures hold tight ranges, with YM -0.5 & XM +0.5 at typing. Modest weakness in the short-end of cash ACGB yield curve drives the overall flattening dynamic, with yields on the 10-year out sector broadly unchanged. Bills trade 1-4 ticks lower through the reds.
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