[MARKET ANALYSIS] Fixed finds itself marginally firmer into a potentially packed afternoon

A contained start for fixed but with a very mild bullish bias emerging.
Overnight action was limited, USTs and Bunds in thin and familiar ranges.
Developments a touch light overnight, geopols aside, as we count down to today's data and potentially more pertinently the possible SCOTUS ruling re. tariffs (as was the case last week, a tariff update is not a certainty) and the meeting between US officials and representatives from Denmark and Greenland.
USTs at the upper-end of 112-05+ to 112-11 parameters, firmer by two ticks at best.
Bunds in-fitting, towards highs in narrow 127.98 to 128.16 confines. No follow-through to a handful of ECB officials this morning. Benchmarks await results from three auctions shortly.
Gilts opened with modest gains, reflecting the mild bullish bias in peers. Since, the benchmark has been choppy in 92.14 to 92.40 confines, but trades broadly in-line with the above. No move to remarks from BoE's Taylor, who stuck to his dovish script and largely echoed language from the December meeting; as a reminder, Taylor was in the majority who voted for a 25bps cut to 3.75%. UK supply was well received, sparking modest upside.
OATs await the no-confidence motions against PM Lecornu's government from both the Left and Right, though neither the LFI or RN measure is expected to pass. As such, OATs trade in-line with peers and the 10yr yield spread to Germany is steady at c. 71bps.