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U.S. Transition Process Gets Underway, Bear Steepening Creeps Into Core FI Space

BOND SUMMARY

Broader focus has remained on U.S. politics, with risk sentiment underpinned after the General Service Administration gave a green light for starting the formal shift of power to U.S. President-elect Joe Biden, while outgoing President Trump tweeted that he instructed his team to act accordingly. T-Notes have edged lower and last trade -0-02 at 138-08. Cash Tsy curve has bear steepened, with yields sitting unch. to +2.1bp. Eurodollar futures run unch. to +0.5 tick through the reds.

  • JGB futures have lost ground as they re-opened after a long weekend in Japan. The space has digested the generally positive mix of headlines from over the weekend, as well as the latest news in U.S. politics. JGB futures trade at 152.12, 10 ticks shy of last settlement. Cash JGB yield curve runs steeper. The latest address from BoJ Gov Kuroda contained little in the way of fresh insights, focus turns to 6-Month Bill supply.
  • Similar dynamics seen in Australian FI space, with YM -0.5 & XM -4.5 as we type. Cash ACGB yields trade 0.1-4.9bp higher across a steeper curve. Bills last seen unch. to -1 tick through the reds. The AOFM auctioned A$150mn worth of 20 Sep '25 linkers, while preliminary data showed that Australian exports rose in Oct on the back of strong iron ore shipments.
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