[MARKET ANALYSIS] T-note futures are lacklustre amid partial government shutdown and heading into an event-packed week

USTs: -2.5 ticks

• T-note futures are lacklustre with price action contained despite the recent Warsh Fed nomination and despite the risk-off mood, amid the current partial government shutdown and as participants look ahead to a busy week of events, including several central bank rate decisions and the latest Non-Farm Payrolls report.

Bunds: -10 ticks

• Marginally trickled lower amid light pertinent newsflow and with German Retail Sales data scheduled later, while demand is also not helped by looming Bund issuances totalling EUR 5.5bln over the next two days.

JGBs: -19 ticks

• Slipped at the open in a resumption of the recent bond rout with the 'Takaichi trade' in play after polls showed the ruling LDP is on course for a landslide victory at the snap election scheduled this upcoming Sunday.

T-note futures are showing subdued price action despite a risk-off atmosphere and significant events on the horizon, including central bank meetings and the Non-Farm Payrolls report. This lack of movement may signal market caution as participants weigh the implications of a partial government shutdown and recent Fed nominations. As we head into a busy week, the bond market's expectations could shift significantly based on upcoming data and policy signals, especially if volatility returns.