[MARKET ANALYSIS] T-note futures take a breather after bull steepening on softer PPI data

USTs: -3.6 ticks

• Takes a breather after bull steepen yesterday as PPI data added to the soft inflation narrative.

Bunds: -4 ticks

• Trades little changed after oscillating through the 125.00 level, with price action indecisive following recent supply and after the latest ECB rhetoric provided little to shift the dial.

JGBs: - 8 ticks

• Trickled lower in the absence of tier-1 data and ahead of a looming enhanced-liquidity auction.