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(U1) Fades Off 2021 Highs


BMO Maintain "Range-Trading Bias"

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J.P.Morgan note that Thursday will see the Treasury "announce end-of-month supply for auction next week. We expect Treasury to announce $60bn 2-Year notes, $61bn 5-Year notes, and $62bn 7-Year notes, all unchanged in size since last month, and we also project $28bn new 2-Year FRNs, unchanged in size from the last new-issue auction. We think the 2-, 5-, and 7-Year rolls should open at +1.375bp, +1.5bp, and +1.5bp, respectively."