A Typical Pre-Fed Asia-Pac Session

U.S. fiscal matters and the upcoming FOMC decision continue to garner
the attention, with broader headline flow light in Asia-Pac hours. That has
left T-Notes stuck in a 0-02 range, last -0-00+ at 139-22. Yields are
virtually unchanged across the cash curve.

• JGB futures +8 vs. settlement, on the back of a tepid Tokyo morning.
  The long end of the curve outperformed in cash trade. BoJ Rinban
  ops saw the offer/cover ratio of the ops covering the 1-3 Year paper
  moderate (to 3.00x from 4.31x), with the same metric covering the 3-
  5 Year bucket witnessing an uptick (to 3.38x from 2.91x). Spreads
  witnessed at the ops narrowed across both buckets.
• Q2 CPI data had nothing in the way of any immediate, tangible
  impact on Aussie Bonds (and didn't provide any meaningful
  detachments vs. exp.), given the COVID-19 backdrop, monetary
  policy stance of the RBA and underlying drivers of the release itself.
  YM +0.5, XM +5.5, flattening out of yesterday's supply.