[MARKET ANALYSIS] T-note futures take a breather after advancing yesterday heading into the FOMC

T-note futures are consolidating gains ahead of the upcoming FOMC meeting, indicating market participants are positioning defensively as they anticipate monetary policy commentary.

Newsquawk StaffPublished 18 Mar 2026, 02:52 UTCOn the live feed at 02:32 UTC — 1 more headline followed before this page went public

Newsquawk headlinesUTC

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[MARKET ANALYSIS] Currencies lack direction as the FOMC looms

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02:32

[MARKET ANALYSIS] T-note futures take a breather after advancing yesterday heading into the FOMC

02:12

[MARKET ANALYSIS] Oil prices mildly declined amid a lack of fresh escalation or de-escalation, while Iran confirmed security chief Larijani was killed

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USTs: +0.5 ticks

Takes a breather after gaining yesterday as yields continued to fade recent advances amid pre-FOMC positioning.

Bunds: +6 ticks

Holds on to the prior day's spoils but with further upside capped as Bund issuances loom.

JGBs: +26 ticks

Tracked the upside in global peers but is off earlier highs as participants also digest mostly better-than-expected trade data, and with the BoJ kick-starting its 2-day policy meeting.

Context

This could reflect uncertainty or caution, particularly as yields have been fading, suggesting the market is trying to assess the balance of growth versus inflation before more decisive moves. As we await the Fed's direction, this pause in trading could impact yields and broader fixed income sentiment in the near term.

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