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FTN's Jim Vogel noted that the "current.....>

US TSYS
US TSYS: FTN's Jim Vogel noted that the "current 5-yr touched 2.29% on Tuesday
morning, now at a more reasonable" 2.231% zone. There are various ways to look
at the 5-year Treasury fair value, he said. 
- "Two principal themes drive monthly rich/cheap fluctuations on the 5-year: 1)
The very near term direction of Fed monetary policy; 2) The utility of 5-year
futures as the short end of a flattening or steepening position with a horizon
of 1-3 months," he said.

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