[MARKET ANALYSIS] T-note futures languish at this week's lows after retreating on better-than-expected US data and rising energy prices

The T-note futures are struggling at this week's lows primarily due to stronger-than-expected US economic data, which typically signals tighter monetary policy, along with rising energy prices.

Newsquawk StaffPublished 19 Feb 2026, 02:35 UTCOn the live feed at 02:15 UTC — 1 more headline followed before this page went public

Newsquawk headlinesUTC

02:45

[MARKET ANALYSIS] DXY pauses after strengthening yesterday on better-than-expected data, higher yields, rising oil prices and mixed FOMC views

02:22

OpenAI funding said to be on track to be over USD 100bln in latest funding round with the first portion to be finalised this month

02:15

[MARKET ANALYSIS] T-note futures languish at this week's lows after retreating on better-than-expected US data and rising energy prices

02:02

[MARKET ANALYSIS] Oil prices take a breather after rallying yesterday by more than 4% on US-Iran frictions

01:50

RBNZ Assistant Governor Silk says the easing cycle is likely over and there are risks on either side, adds maintaining accommodative policy for a while aligns with economic conditions

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USTs: -2 ticks

Languish at this week's lows after retreating yesterday following stronger-than-expected US data, rising energy prices, and a weak 20yr auction, while prices were also not helped by the mixed views in the FOMC Minutes and with further US supply on the horizon.

Bunds: -7 ticks

Trickled lower in rangebound trade following the recent choppy performance and Bund issuance.

JGBs: -5 ticks

Lacks demand after stronger-than-expected data from Japan in the form of Machine Tool Orders, which surged by double-digit percentages, while price action is also constrained amid the positive risk appetite and as a 20yr JGB auction looms.

Context

This combination suggests a challenging environment for fixed income, as the market reassesses its expectations for future Fed actions and supply dynamics, which could continue to weigh on bond prices.

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