[MARKET ANALYSIS] Fixed income contained, with focus now on the BoJ and its outlook report

UST Futures oscillate in a narrow 3 tick range, after benchmarks were pressured in Monday’s session as energy prices rose. Despite US officials highlighting US President Trump’s disappointment with Iran’s proposal, USTs remain unmoved.  Bund Futures are softer, holding at the lower end of their 125.24-125.26 range. Newsflow has been light, driving German debt, with price action continuing to be energy-dependent. JGB Futures outperform their peers, albeit within narrow ranges, ahead of the BoJ announcement. Focus will be on the outlook report, in which the Bank is expected to sharply increase its price forecast and potentially cut its growth outlook.