[MARKET ANALYSIS] Treasury futures rally amid heavy tech selling

A cross-market recap of the classic risk-off pattern: equity selling, concentrated in tech, driving a bid for duration across USTs, Bunds and JGBs simultaneously, with the correlation between stock indices and yields compressing as it does in flight-to-quality episodes. The notable feature is that the Treasury bid is described as an extension of a rebound from post-CPI lows, meaning the market is unwinding part of the inflation-driven sell-off rather than establishing a new trend; in past episodes of this kind, equity-driven rallies in duration have tended to fade once the equity selling stabilises unless the macro data validate them. The Fed commentary fits the standard post-hot-print sequence: one official signalling no urgency on further action, another calling the data discouraging but wanting more evidence, a split that historically keeps the front end data-dependent and raises the sensitivity of the next inflation release. JGBs ignoring stronger Machinery Orders in favour of the global bid is consistent with how domestic data gets crowded out during synchronised risk-off moves, though such episodes in Japan have tended to be shorter-lived given the domestic policy anchor. The pullback in oil cited alongside the Bund bid is the other tell worth noting, since falling crude reinforces the disinflationary read that supports duration, whereas an equity rout with rising energy prices would split the reaction. Whether the bond bid survives the next session's equity open and any further Fed speak is the established test of whether this is positioning or repricing.