[MARKET ANALYSIS] T-note futures are contained following post-FOMC selling

USTs: +1.5 ticks Price action is range-bound after the prior day's FOMC-triggered selling pressure and curve flattening. Bunds: -16 ticks Clawed back some of the losses seen in the aftermath of the Fed as the recent pullback in energy prices eases inflationary pressures, while there were also comments from the German Economy Minister that it would be sensible to reduce VAT on fuel from 19% to 7%. JGBs: - 1 tick Lacks direction in the absence of any tier-1 data and with the BoJ kick-starting its 2-day policy meeting.