[MARKET ANALYSIS] T-note futures are rangebound after gaining yesterday amid continued post-FOMC steepening and data deluge

USTs: +1.5 ticks

• T-note futures are range-bound following the recent deluge of US data, including weaker-than-expected Adv. GDP for Q2, while the treasury curve continued to steepen yesterday in the Fed fallout.

Bunds: +31 ticks

• Edges higher amid a mild pullback in oil prices and eyes a retest of the 125.00 level.

JGBs: +11 ticks

• Rebounded following the prior day's losses and following softer-than-expected Tokyo inflation data, while participants now await the BoJ rate decision.

Post-FOMC steepening of this kind is the standard tell when the front end rallies on a perceived dovish lean or weak data while the long end refuses to follow, either on supply concerns or doubts about the durability of the easing impulse; the distinction worth drawing is whether the steepening is led by falling short rates or rising long rates, since bull and bear steepeners carry different implications for duration positioning. A soft advance GDP print of the sort described tends to do its repricing work on the day of release, with follow-through determined by the next labour and inflation prints rather than by revisions to the GDP vintage itself. The Bund bid on softer oil reflects the familiar energy-to-inflation-expectations channel that has driven core European duration in past commodity downdrafts, though round-number levels like the one cited are more technical residue than signal. JGB price action ahead of a BoJ decision is typically compressed, with the genuine move reserved for the policy statement and press conference, where the bank's history of surprising in both directions argues for thin conviction positioning into the event. The session as described is a holding pattern: the directional inputs have already been priced, and the calendar is the next catalyst.