[MARKET ANALYSIS] T-note futures take a breather after recent bull steepening on softer PPI data

USTs: -1 tick Takes a breather after recent bull steepening as softer-than-expected PPI data further supported the case for the Fed to keep rates unchanged at the September FOMC meeting. Bunds: -2 ticks Trade little changed and hold on to the prior day's spoils, but are off this week's best levels and have reverted to around the 125.00 focal point, while participants now await German WPI and EU GDP data. JGBs: +18 ticks Remain afloat after recent gains in global peers but with upside capped overnight in the absence of tier-1 data and heading into an enhanced liquidity auction for longer-dated JGBs.