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Cantor Fitzgerald's Justin Lederer.......>

US TSYS/5Y
US TSYS/5Y: Cantor Fitzgerald's Justin Lederer expects another round of "decent
demand" on this afternoon's $35B 5Y note auction, and again cautions a "small
concession...and/or small tail "given the recent market tone, some potentially
shying away looking for rates to continue to back-up (especially as the
prospects of four Fed rate hikes this year increases) and the larger size of
this month's auction."

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