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And JPM analysts said their..........>

US TSYS/SUPPLY
US TSYS/SUPPLY: And JPM analysts said their previous auction studies "found that
selling 2- and 5-year Treasuries the day prior to an auction and buying them
back at auction would have been profitable more than 75% of the time over the
past year."
- "Moreover, given that liquidity and investor risk appetite should be lower
next week with many participants out for the holidays, we expect these auctions
should be particularly challenging to underwrite," they added. 

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