[MARKET ANALYSIS] Energy action once again drives fixed benchmarks lower

A bearish start for fixed with energy dynamics once again dictating price action. USTs and Bunds lower by 11 and over 50 ticks, respectively. In brief, the ongoing Middle East conflict is bolstering yields and, in turn, weighing on benchmarks themselves.
USTs down to a 112-15+ low, notching an incremental new WTD base. If the move continues, we look to recent support at 112-06, 112-04, 111-31, 111-26, 111-13+.
For the US, and generally, today's focus is firmly on any geopolitical updates, particularly around Iran's uranium stockpiles in light of recent reporting. That aside, the day features weekly claims (does not coincide with the BLS window), Challenger jobs in addition to the Revelio and Chicago Fed statistics. Of note for PCE, the latest export/import prices will hit. The speaker docket has Fed's Bowman (voter), and while we are not guided to a text, there will be a Q&A.
Within Europe, the story is much the same. The docket ahead is headlined by the ECB Minutes, though given recent developments, they are likely even more stale than typical. No real reaction to supply from France or Spain. As it stands, Bunds are at a 127.67 trough, approaching the WTD 127.50 base.
Gilts experienced another morning of catch-up trade, but this time with a bearish bias given the lead from peers and movements in energy prices. No reaction to the latest DMP, the views of which are now somewhat stale. Currently holding around 20 ticks off a 91.46 low, but still lower by over 40 ticks on the day.