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[MARKET ANALYSIS] T-note futures take a breather after advancing as yields declined alongside lower oil prices and softer PPI data

Today's softer-than-expected PPI data has contributed to a pullback in Treasury yields, providing some relief to T-note futures that had been advancing.

Newsquawk StaffPublished On the live feed at , 20 minutes before this page
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[MARKET ANALYSIS] Asia-Pac stocks took impetus from the gains on Wall St amid peace talk hopes

[MARKET ANALYSIS] DXY gets some reprieve after softening on lower yields, oil declines and softer PPI

[MARKET ANALYSIS] T-note futures take a breather after advancing as yields declined alongside lower oil prices and softer PPI data

[MARKET ANALYSIS] Oil prices are subdued after declining on US-Iran peace talks hopes

US Central Command says blockade of Iranian ports has been fully implemented and that US forces have completely halted economic trade going into and out of Iran by sea

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USTs: +1.5 ticks

  • Took a breather after advancing yesterday as yields declined alongside lower oil prices and softer-than-expected US PPI data, while Fed's Goolsbee had also commented that a prolonged Iran war reduces the chances of rate cuts and they may have to wait until 2027 to lower rates.

Bunds: +25 ticks

  • Holds on to recent gains but with further upside capped overnight ahead of several ECB speakers and with Bund issuances scheduled later.

JGBs: +1 tick

  • Price action is stuck around the 130.00 focal point with demand contained following stronger-than-expected Machinery Orders, lower oil prices and a recent BoJ source report that the central bank is considering a sharp increase to its price forecast this month.
Context

This dynamic, along with lower oil prices, suggests a temporary easing of inflation pressures, which could influence market expectations around future Fed rate cuts, especially given comments from Fed officials about potential delays in rate adjustments.

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