[MARKET ANALYSIS] T-note futures are lacklustre following recent global bond rout amid inflationary concerns

USTs: -2 ticks

• T-note futures lack demand following the prior day's losses as yields climbed amid inflationary concerns, as the Middle East conflict drags on with no clear end in sight, despite President Trump recently postponing a planned strike on Iran and reiterating that the war will end very quickly and that Iran wants to make a deal badly.

Bunds: -8 ticks

• Lingered near the prior day's trough after retreating alongside a global bond rout, while participants look ahead to German PPI data and Bund issuance.

JGBs: -2 ticks

• Price action is subdued following the losses in global peers and amid a quiet overnight calendar, with the attention now turning to a looming 20yr JGB auction.