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J.P.Morgan note that Wednesday will see the Treasury "auction $61bn 5-Year notes, unchanged in size from last month. 5-Year yields have risen 19bp since the September auction, trading near their highest levels since the pandemic broke out in the U.S. in March 2020. Turning to relative value, the 5-Year sector appears fairly valued along the curve after adjusting for the level of yields and the shape of the curve. The 5-Year roll opened at 2.125bp, in line with our estimates, and is now trading at 1.5bp, in line with the erosion of carry over the period. 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."