[MARKET ANALYSIS] T-note futures are subdued amid higher oil prices and closure of overnight cash treasuries trade

USTs: -7.5 ticks

• T-note futures are subdued as higher oil prices stoke inflationary pressures, and with cash treasuries trading shut overnight due to the holiday in Japan.

Bunds: - 40 ticks

• Revisited last week's trough amid the rise in oil prices, while participants look to the ECB meeting later in the week, with the central bank expected to stand pat, but keep the option open for a hike in September.

T-note futures are seeing some downward pressure due to rising oil prices, which typically heightens inflation concerns. The closure of cash treasuries overnight adds to the subdued trading environment, reflecting less liquidity and potential caution from traders until more concrete signals emerge from upcoming central bank meetings.