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- Following a mixed showing from the 2yr, 5yr auctions Monday, attention turns to the 7yr line on tap in just over an hour's time.
- BMO flag that the sell-off in Treasuries since last week's Fed has built in a solid concession ahead of today's sale, which could benefit the 7yr to a greater degree than yesterday's 5yr auction given their more compelling relative value.
- Nonetheless, they also flag that markets could be hesitant at auction given Monday/Tuesday volatility and as such, they project either further weakness into the bidding deadline or a small tail in the results.
- Bid/cover: 2.31
- Directs awarded: 19.8%
- Indirects awarded: 58.9%
- Dealer takedown: 21.3%