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JPM analysts said that on..........>

US TSYS/RESEARCH
US TSYS/RESEARCH: JPM analysts said that on Thursday the US Treasury yields
"declined 1-3bp and the curve flattened, alongside a decline in equities as
headlines remained focused on North Korea. With the refunding auctions" of
3/10/30-year Treasuries "now behind us, we unwind weighted 5s/30s steepeners at
a loss." 
- They "recommend stopping out of weighted 5s/30s steepeners, which we have held
in anticipation of cyclical steepening ahead of today's bond auction. While the
curve has tended to steepen by an average of 4.4bp prior to 30-year bond
auctions," their chart "shows that the curve has not followed to form in the
current cycle, as long-end yields largely declined and the curve flattened. As a
result, we recommend unwinding 5s/30s steepeners at a loss."

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