Flatter Post-Syndication

U.S. Tsy dynamics and the passage of the ACGB '51 syndication have
allowed the space to flatten since the Sydney close, YM +0.5 and XM
+5.0, with the latter looking through the overnight highs (in line with the
views of many strategists).

• Bills sitting unchanged to -1 through the reds.
• Looking to today's local docket, focus will fall on the Q2 CPI data,
  although the readings may have a much lower impact on the space
  vs. the norm, given the COVID-19/monetary policy backdrop, with oil
  price dynamics and childcare set to provide severe headwinds for
  inflationary pressures. BBG consensus looks for headline CPI to print
  at -2.0% Q/Q and -0.5% Y/Y, with the trimmed mean seen +0.1% Q/Q
  and +1.4% Y/Y.