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Treasuries face a 1pm ET $5B 30Y.......>

US TSYS/TIPS
US TSYS/TIPS: Treasuries face a 1pm ET $5B 30Y TIPS reopening auction today.
Nomura Secs N.American head of rate research George Goncalves and analysts
Stanley Sun and Penglu Zhao are "cautiously constructive" on demand. 
- They said that "on a relative basis, the 10s/30s real curve still looks
steeper than the 10s/30s nominal curve, which might help bring some demand." 
- They added that "expectations for fiscal stimulus were elevated in the equity
space, which might help boost demand appetite for long end TIPS. A rebound in
energy prices is also supportive for demand." 
- But they also warn on such TIPs auction that the "negative carry on a
breakeven basis may not be favorable. Outright 30yr real yield might not be
appealing as it has been trading below 2017 average levels."

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