[MARKET ANALYSIS] T-note futures struggle for direction after reversing the post-CPI spike

USTs: -0.5 ticks

• Struggles for direction after reversing the post-CPI spike and with Fed Chair Warsh noting the inflation data did not mean mission accomplished, while he also cautioned against overreading or cherry-picking the data.

Bunds: -20 ticks

• Traded subdued amid higher energy prices and with EUR 3bln of Bund issuances scheduled later.

JGBs: +28 ticks

• Holds on to recent spoils, albeit with price action choppy overnight following disappointing Machinery Orders data and the mostly positive risk environment.