[MARKET ANALYSIS] T-note future hold on to gains after bull steepening on disappointing labour market metrics

USTs: +5 ticks

• Holds on to gains after bull steepening in the wake of soft labour metrics in which Challenger Layoffs surged in January to 108k from 36k, and weekly claims report saw a notable jump to 231k from 209k, while JOLTS tumbled to 6.5mln from 6.9mln, and the Revelio Labs US Jan Non-farm Jobs printed in negative territory at -13.3k.

Bunds: +14 ticks

• Remains afloat after the prior day's advances but with further upside capped following a lack of fireworks at the recent ECB meeting and with German Trade Data scheduled later.

JGBs: +16 ticks

• Ultimately gained but with price action choppy on both sides of the 132.00 level following weaker-than-expected Household Spending data and ahead of the Japanese election, while there were also comments from BoJ's Masu, who stated that an appropriate and timely rate hike is needed.