[MARKET ANALYSIS] Fixed income trade in narrow ranges ahead of German HICP and Fed policy announcement

UST Futures rotate in a 110-24+ to 110-30 range. Downside came amid the WSJ report, in which it cited US officials stating that Trump has told aides to prepare for an extended Hormuz blockade. Looking ahead, the Fed is to deliver its March policy decision, in which it is widely expected to be kept unchanged at 3.50-3.75%.  Bund Futures hold a tight 15-tick range, trading either side of the 125 handle. The brief downside following the WSJ report was quickly pared back, as 10yr yields hold below 3.1%. German HICP is expected at 13:00BST, in which the Y/Y figure is expected to rise to 3.1% (prev. 2.8%) while the M/M figure is expected at 0.8% (prev. 1.2%). JGB Futures returned to the post-BoJ reaction low at the latter end of Tuesday’s trade and currently holds in a narrow 129.52-129.72 range.