0509 GMT - The scaling back of Federal Reserve rate hike expectations feels "somewhat overdone" given that details of the data were more mixed than headline numbers suggested, say Deutsche Bank strategists in a note. Market pricing of Fed rate hikes for this year has been reduced to just under one hike priced through December. Additionally, there is another round of inflation and employment data ahead of the next FOMC meeting, they say. "Long-end yields remain elevated, with term premia having moved higher and the curve steepening materially," the strategists say. "In the front end, despite heavy bill issuance in recent weeks, funding markets have remained remarkably calm."