[MARKET ANALYSIS] T-note futures partially recovered after recent bear-steepening and US-Iran hostilities

USTs: -2 ticksBriefly fell beneath the 109.00 level after the prior day's bear steepening and as oil climbed on the fresh US-Iran strikes, although T-note futures have since bounced off their lows as oil faded some of the advances and with US CENTCOM announcing the completion of the latest strikes on Iran, while participants look ahead to incoming PPI data.Bunds: -20 ticksRemained subdued after recent supply and heading into a widely expected ECB rate hike.JGBs: +4 ticksReversed initial losses and returned to flat territory amid fluctuations in yields, while participants remain tentative amid the heightened geopolitical tensions and ahead of next week's BoJ meeting.