[MARKET ANALYSIS] T-notes eked mild gains but with upside capped after the choppy reaction to the inline US CPI data

USTs: +2.5 ticks Ekes mild gains but with upside limited after a choppy reaction to the inline US CPI data, which saw the Treasury curve bull steepen, led by declines in front-end yields, while the latest 10-year note auction was not as strong as the previous but remained better than recent averages, pointing to healthy underlying demand for duration. Bunds: Flat Lacks direction following the prior day's whipsawing and absence of any revisions to German inflation data. JGBs: +5 ticks Demand is contained after recent fluctuations, while softer-than-expected PPI data did little to spur prices.