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[MARKET ANALYSIS] T-note futures resumed their declines as higher oil prices added to ongoing inflationary pressures

The sharp decline in T-note futures reflects heightened inflationary pressures driven by rising oil prices, which is likely to affect Fed policy expectations.

Newsquawk StaffPublished On the live feed at , 20 minutes before this page
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[MARKET ANALYSIS] Asia-Pac stocks declined as oil and yields climbed on concerns that military action could resume as President Trump warned the clock is ticking on Iran, while the region also digests disappointing Chinese activity data

[MARKET ANALYSIS] DXY gains amid the negative bias overnight, as well as upside in oil and yields

[MARKET ANALYSIS] T-note futures resumed their declines as higher oil prices added to ongoing inflationary pressures

[MARKET ANALYSIS] Oil resumed its rally after Trump warned the clock is ticking on Iran, while he is set for a Situation Room meeting on Tuesday to discuss possible options for military action

China stats bureau says external situation is complex and China's economic foundation still needs to be consolidated, adds to continue to optimise supply and domestic supply-demand imbalance remains prominent, will continue to expand domestic demand

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USTs: -6.5 ticks

  • Resumed last week's downturn as the upside in oil prices further added to the ongoing inflationary concerns.

Bunds: -50 ticks

  • Continued its slide to sub-124.00 territory amid energy-related headwinds and looming EU supply.

JGBs: -53 ticks

  • Declined as yields climbed with the 10yr yield at its highest in around 3 decades amid BoJ June rate hike expectations and with Japanese PM Takaichi set to announce an extra budget, which sources noted would likely be funded by fresh debt, while participants also await today's 5yr JGB auction.
Context

This pattern of weakness in fixed income suggests that the market is pricing in higher rates due to concerns around sustained inflation, potentially impacting both UST and global bond yields across the board.

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