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Pre-5Y Auction

Futures nearly back to opening levels with 5Y auction results a few minutes away. WI currently trading 0.845% / 0.840%.
  • One prop desks notes "double the stop in January roll is +2.125 which seems fair," expecting the auction to go well. The desk looks for "some long end steepeners post auction at least 5-7's to set up" for Thu's $62B 7Y note auction.

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