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[MARKET ANALYSIS] Fixed income trades choppy in tight ranges as markets wait more US data

Fixed income markets are exhibiting choppy trading as participants await significant US economic data, including the PPI and retail sales.

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[MARKET ANALYSIS] Fixed income trades choppy in tight ranges as markets wait more US data

Japan sells JPY 2.5tln 5yr JGBs; b/c 3.08x (prev. 3.17x), average yield 1.63% (prev. 1.435%); demand weaker than 12-month average

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  • UST Futures trades in a tight 2.5 tick range as Treasuries digest the cooler-than-expected CPI print. Despite the cooler data, USTs have pared back most of the move as markets await US PPI and retail sales. No move was seen on WSJ source reports that incentives under consideration by Chinese officials to woo the US into a strategic retreat from the Taiwan Strait include Beijing potentially agreeing to buy billions of USD in long-term Treasurys. 
  • Bund Futures have pulled back slightly from the 128.13 session high formed in Tuesday’s session, falling to a trough of 127.98 before returning above the 128 handle.
  • JGB Futures oscillate in a 131.72-131.97 band as traders digest the implications of the potential dissolution of the Lower House. Following the weak 5-year auction, in which the b/c printed at 3.08x (prev. 3.17x), JGBs dipped 10 ticks but remain within prior bounds.
Context

Even with a cooler CPI reading, Treasuries have largely retraced their movements, indicating a cautious sentiment ahead of upcoming prints. The lack of immediate reaction to potential Chinese purchases of US Treasuries suggests that traders are more focused on forthcoming data rather than geopolitical developments.

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