[MARKET ANALYSIS] T-note futures edge higher following the prior day's steepening and rebound in the short-end on dovish remarks from Fed's Williams

Williams sits close to the committee's centre of gravity by virtue of his role, so his framing carries more weight than the tails, though the substance here, no urgency, more data needed, is the standard holding language officials use between decisions rather than a signal of changed reaction function. The distinction that matters is whether the remarks merely defer timing, which reprices the front of the curve, or imply a different destination, which this language does not. The follow-ons that have historically determined whether such moves stick are whether other officials echo the tone and how the next data prints land against it. On the periphery, Bunds drawing support from softer oil and JGBs drifting on risk appetite and auction supply are the usual cross-currents; pending German supply and the Japanese auction are the near-term event risks for those legs.