[MARKET ANALYSIS] T-note futures remain lacklustre after the bond rout deepened with the US 10yr yield at its highest since 2007

USTs: - 4 ticks Remains lacklustre after retreating yesterday as the bond rout deepened with the US 10yr yield rising to its highest since 2007 at around the 5.20% level following recent gains in oil, a weak auction, an underwhelming buyback operation, hawkish Fed speak and with money markets fully pricing in 3 Fed rate hikes over the next year. Bunds: +9 ticks Attempts to nurse some of the losses seen from the global bond sell-off as the overnight pullback in oil helps ease some of the inflationary pressures, but with the rebound contained and participants also looking ahead to German GfK Consumer Confidence. JGBs: -20 ticks Followed suit to the recent declines in global counterparts with Japan's 30yr yield climbing to the highest level since its debut in 1999, with price action not helped by a quiet calendar and a looming enhanced-liquidity auction for long- to super-long JGBs.