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J.P.Morgan note that Thursday will see the Treasury auction "$24bn reopened 20-Year bonds, unchanged in size from last month. Since the June auction, 20-Year yields have declined by 34bp, though they rose 5bp today. Along the curve the 20-Year sector appears roughly 3bp cheap after adjusting for the curve and yield levels, about as cheap as it traded in late February/early March when volatility was elevated. Lastly, liquidity conditions in the 20-Year sector have improved over recent weeks, even while market depth in surrounding sectors has fallen. Thus, despite rich fundamental valuations, with the sector appearing cheap along the curve, an improvement in relative liquidity, and investor positioning still broadly short, we think tomorrow's auction will be digested relatively smoothly."