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J.P.Morgan note that Thursday will see the Treasury auction "$62bn 7-Year notes, unchanged in size from last month. 7-Year yields have risen 5.9bp since the September auction and last week reached their highest levels since February 2020, prior to the pandemic. Turning to relative value, and the 7-Year sector appears cheap along the curve after adjusting for the level of yields and the shape of the curve. The 7-Year roll opened at 1.35bp, in line with our estimates, and is now trading 0.58bp, in line with the erosion of carry over the period. With the recent move to higher yields, the strength of recent auctions including today's 5-Year auction and valuations appearing cheap along the curve, we think tomorrow's auction will be digested with relative ease."