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Bullish Price Sequence

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J.P.Morgan note that Tuesday will see the Treasury auction $62bn 7-Year Notes, unchanged in size from last month. Since the August auction, 7-Year yields have risen 14bp and are sitting at their highest levels in three months. Along the curve, the 7-Year sector appears fairly valued versus the wings after adjusting for the level of yields and the shape of the curve. With the recent move to higher yields, and valuations appearing fair along the curve, we think tomorrow's auction will be digested with relative ease."