[MARKET ANALYSIS] Fixed income muted, BoJ Minutes fail to spur a reaction

UST Futures rotates in a narrow 3 tick range, consolidating after Wednesday’s bid higher as oil prices plummeted. US 10yr yields returns below 4.35% but still at elevated levels compared to pre-war levels. Bund Futures trades at the upper end of its 125.69-125.81 range. A flurry of ECB speakers is expected later today, with VP de Guindos to kick off the ECB speaker slate, while chief hawk Schnabel is to speak later in the session. JGB Futures rose at the start of Tokyo trade as the market returned from its holidays, aided by the lower oil prices and stronger yen. However, JGBs did pare back its gains, dipping to a trough of 129.51 (vs. open price of 129.75) before rebounding slightly. The BoJ Minutes for its March meeting failed to spur a reaction in JGBs.