[MARKET ANALYSIS] T-note futures are little changed after recent bear steepening and as supply looms

USTs: -0.5 ticks

• Trades little changed after retreating yesterday as the curve bear steepened with long-term Treasury yields continuing to move higher, while price action is also contained overnight ahead of US supply and several Fed speakers.

Bunds: +24 ticks

• Rebounded from the prior session's trough but with the partial recovery stalling around the 121.00 level as German Factory Orders and issuances loom, including EUR 6bln in Schatz today followed by EUR 4bln in Bunds tomorrow.

JGBs: -33 ticks

• Retreated amid continued upside in Japanese yields, led by the belly of the curve, with participants awaiting the latest 10yr JGB auction, while it was reported that the coupon for 10yr JGBs was raised to 3.1%, the highest in around 3 decades.