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It was a relatively lethargic Asia-Pac session for core FI markets, with a distinct lack of meaningful headline flow evident ahead of the virtual Jackson Hole event. Comments from U.S. President Biden during the NY-Asia crossover pointed to a want to strike back against the perpetrators of Thursday's attack on Kabul airport, while he stressed a need to push on with the evacuation out of Afghanistan.

• T-Notes last dealing -0-01 at 132-18, sticking to a 0-04 range thus far. Cash Tsys deal little changed to ~1.0bp richer across the curve. Broader flow has been subdued once you net off the impact of rolls in the futures space. Upside exposure has provided the only real highlight on the flow side, with a 10K screen buyer of TYV1 135.50 calls seen.
• To recap, yields finished little changed to 2.0bp cheaper across the curve on Thursday, with the belly leading the softness. The space moved back from intraday cheaps as the aforementioned attack on Kabul airport left dozens injured/dead (including U.S. military personnel), with equities weakening on the news. T-Notes ultimately finished around the middle of their daily range. 7-Year Tsy supply saw a 0.4bp tail, although the demand metrics were robust, with the cover ratio ticking above the recent averages and dealer takedown sliding further below the recent averages. Thursday's Fedspeak saw regional Fed Presidents Bullard, George and Kaplan mostly underscore their well-trodden, hawkish views.
• Fed Chair Powell's Friday address headlines the aforementioned Jackson Hole event. NY hours will also see the release of July's PCE data suite and the final UoM sentiment reading for August. A raft of Fedspeak surrounding Jackson Hole fills out the docket.