[MARKET ANALYSIS] T-note futures are rangebound as all eyes turn to the Fed

The steepening noted into the decision is consistent with past episodes where the long end carries the event risk while the front end is anchored by the near-certainty of the immediate policy call. The cross-market detail is the more informative part: Bunds capped by scheduled supply alongside the central bank calendar, JGBs bid on domestic data rather than the Fed, which separates genuine global duration demand from simple pre-event paralysis. In comparable cycles the tell after the decision has been the belly and long end, since the policy rate itself is rarely the surprise; it is the signalled path and any shift in balance-sheet language that reprice the curve. Worth noting is that rangebound sessions into FOMC have historically resolved with an initial spike in both directions before the durable move establishes itself during the press conference, a pattern seasoned desks treat as noise rather than signal. As a market update rather than a catalyst, this carries context value only.