[MARKET ANALYSIS] T-note futures gained as the drop in oil eases inflationary pressures, but with further gains capped amid the closure of US cash markets on Monday

USTs: +18.5 ticks

• T-note futures rallied as the lower oil prices eased inflationary pressures, although further upside is capped beneath the 110.00 level, with US cash markets closed for the Memorial Day holiday.

Bunds: +53 ticks

• Climbed higher and tested the 126.00 level as asset classes remained heavily driven by geopolitics.

JGBs: +42 ticks

• Rose alongside the declines in oil and with prices unfazed by looming supply in the form of a five-year climate transition JGBs auction scheduled later.