[MARKET ANALYSIS] T-note futures are contained following post-FOMC selling

Post-FOMC sessions of this kind tend to resolve into one of two patterns: either a one-way repricing that extends as positioning adjusts, or a contained consolidation while the market digests the statement and waits for the press conference narrative and the data calendar to confirm. The range-bound trade here fits the second, with the prior session's curve flattening doing the heavy lifting and follow-through selling absent. The cross-market read is worth separating: the Bund bid has a domestic driver beyond the Fed echo, with softer energy feeding the inflation channel and the German VAT talk adding a fiscal easing angle that typically supports duration at the margin, so the outperformance is not purely a rates-beta move. JGBs sitting flat into a two-day BoJ meeting is the usual pre-decision stasis, with direction historically set by the outcome and the guidance rather than by offshore cues in the interim. The follow-ons are any second-day spillover from the Fed across the long end, whether the Bund bid holds once the energy impulse fades, and the BoJ statement as the next discrete catalyst for the global duration complex.