[MARKET ANALYSIS] T-note futures are little changed after recent steepening and with little fresh catalysts outside of geopolitics

USTs: -0.5 ticks Price action is range-bound following the prior day's curve steepening in quiet trade and amid a lack of catalysts outside of geopolitics, while attention turns to the FOMC Minutes midweek. Bunds: -20 ticks Remains subdued and retests the 124.00 level to the downside after recent gains in energy prices and with German ZEW data scheduled today. JGBs: -14 ticks Remained pressured but is off worse levels after recent declines in global peers and amid risks for a faster pace of BoJ rate hikes, while demand is also not helped by a looming 5yr JGB auction.