[MARKET ANALYSIS] T-note futures marginally pulled back following recent bull steepening as geopolitics drives price action, while supply looms

USTs: -2.5 ticksMarginally pulled back following the prior day's bull steepening as geopolitics and recent oil moves remained the main driver across asset classes, while US CPI data and a 10yr auction loom.Bunds: -1 ticksTraded little changed after the recent flimsy performance and mixed German data releases, with demand also not helped by the incoming Bund supply totalling EUR 5bln scheduled for today.JGBs: -20 ticksRetreated at the open as firmer-than-expected PPI data and the latest source report continued to point towards a BoJ rate hike next week, while the attention turns to today's 30yr auction.