Key Points
Investors wishing to put a dark October behind them first need to negotiate Wednesday's Fed policy decision, Treasury's debt sale plans and the beginnings of a slew of labor market updates...
As world markets kick off a new month in better spirits that they were for most of the last one, overseas drama centred on Japan's yen - which plummeted close to last year's three-decade low of 151.94 on Tuesday after the Bank of Japan made only a minor tweak to its yield control policy...
The problem is the BOJ may have loosened its 10-year bond buying target rate of 1% - but it's still committed to capping yields around there and did so yet again on Wednesday in another emergency operation that dragged yields back to 0.95%...
At the margin at least, the concern is that protracted yen intervention and dollar sales by Japan may also cut its demand for U.S. Treasuries at a sensitive time - while higher yields there drag Japanese bond investors back home...
Despite the U.S. Treasury forecasting a lower fourth-quarter borrowing need than previously flagged, the tension in the bond market remains ahead of its detailed future refinancing plans due later on Wednesday..
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