[MARKET ANALYSIS] T-note futures are underpinned amid a drop in oil, while 10yr JGB remain constrained amid rate hike bets

USTs: +11.5 ticksOpened higher as a drop in oil prices eased some of the inflationary pressures and dragged yields lower, although further upside in T-note futures is limited ahead of key jobs data later in the week and with the ongoing uncertainty regarding Fed policy. Furthermore, there were recent comments from Fed's Musalem that the sell-off seen in US Treasuries the prior week signalled the need for the Fed to earn its inflation-fighting credibility with an interest rate hike.Bunds: +18 ticksBenefitted from the lower oil prices and clawed back some of last Friday's losses, while participants await German Retail Sales data scheduled today.JGBs: -28 ticksRemained constrained as short-end yields climbed on increased rate hike bets in the aftermath of hawkish comments late last week from BoJ Governor Ueda at the central bank's post-meeting press conference.