[MARKET ANALYSIS] Fixed income lifted following the pause of Project Freedom, US Treasury QRA and EZ PMIs await

UST Futures benefited after US President Trump announced that Project Freedom is to be paused for a short period of time. USTs lifted from 110-08+ to a peak of 110-16 following the announcement and continue to hold near session highs. Looking ahead, the US Treasury’s QRA will be in focus.  Bund Futures gapped higher on the open, but sold off immediately. Despite the initial weakness, Bunds trade beyond Tuesday’s peak of 125.11 (125.08-125.20 range) ahead of the EZ final PMIs and a 2032 Bund auction. JGB Futures are closed for Constitution Day.