Little Changed, Block Flow Seen Ahead Of NY

0Tsys consolidate a little off London cheaps alongside core global FI counterparts, last running flat to 1bp richer.

• TYZ3 is in the middle of its 0-08 range, last +0-02+ at 110-01.
• London block flow pointed to the unwind of some existing FV/US steepener positions.
• Macro headline flow remains relatively subdued, with interest geared towards the potential for further property policy easing in China and non-committal ECB speak (including comments from the usually hawkish Knot).
• The ISM services survey and release of the Fed’s Beige Book will be complemented by the latest rounds of Fedspeak in NY hours.
• It is also worth noting that the BoC decision will generate some interest in matters north of the border. The BoC is almost unanimously expected to leave its policy rate on hold at 5%. Click for our full preview of that event
• A quick reminder that yesterday saw a particularly brisk round of $IG issuance, even given the expectations for a seasonal pickup in early September.