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- The 7Y was deemed strong not by how much the award rate traded through the When Issued, but that it performed well at all.
- The sector has averaged a -1.3 tail over the last 5 auctions, while the February auction tailed -4.0 bps. The 10Y note, 20- and 30Y bonds all traded weak to poor compared to their 5M averages.
- This is illustrated by the MNI May Auction Relative Strength Indicator:
Sell-side analysts continue to anticipate a gradual reduction in auction sizes in the latter half of the year. Next week's 3Y, 10Y re-open and 30Y re-open auction sizes expected to remain at $58B, $38B and $24B respectively.