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J.P.Morgan note that Tuesday will see the Treasury auction "$61bn 5-Year Notes, unchanged in size from last month. Since the last auction in June, 5-Year yields have declined almost 20bp, amid short covering and increased concerns over the spread of the Delta variant in the U.S., and as a result, intermediate Treasuries appear quite rich relative to their underlying drivers. Turning to relative value, the 5-Year sector looks fairly priced along the curve after adjusting for the level of rates and the shape of the curve. The WI 5-Year roll opened at +1.625bp, in line with our projection, and is now trading at +1.5bp. Overall, given outright valuations, we think tomorrow's auction will likely require above average end-user demand in order to be digested smoothly."