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BMO note that as Fed liftoff is "increasingly reflected in valuations, we will be mindful of the increasing tendency for auction concessions to be priced in several sessions ahead of, rather than leading into, the auctions themselves. Indeed, as the front-end led the downtrade on Thursday, there is an argument to be made that supply contributed to the weakness. The proximity to the November refunding announcement and what is widely expected to be the first coupon auction cuts of the cycle is an additional variable to consider as the record net issuance environment in Treasuries starts to fade."