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JP Morgan analysts Jay Barry and Jason...>

US TSYS/5Y
US TSYS/5Y: JP Morgan analysts Jay Barry and Jason Hunter noted US Treasury
yields "rose modestly across the curve" Tuesday "amid marginally hawkish
Fedspeak and mixed economic data." They add on 5Y auction that "five-year yields
have risen 10bp since the last auction, but the flatness of the curve at the
front end leads us to think that tomorrow's auction should require a modest
concession to underwrite. 
- JPM analysts noted the August 5-year auction "cleared at 1.742%, 0.5bp through
pre-auction levels, as end-user demand rose 6.6%-pts to 82.5%, a record for the
series. This was largely driven by foreign participation, which rose to its
highest share since June 2016."

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