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Treasuries hover just above session......>

US TSYS/2Y
US TSYS/2Y: Treasuries hover just above session low prices amid more shorts into
1pm ET US$26B 2Y note auction. Tsys began NY weaker then pre-auction shorts,
corporate rate-lock hedges. Tsys saw 2/10Y, 2/30Y, 2/5Y, 5/30Y steepeners
despite 2Y auction Tuesday, 5Y auction Wed. But 2Y, 5Y notes tight in RP. 
- Cantor Fitz's Jason Lederer: 2Y shd draw "decent" demand as yields around
highest since financial crisis. 
- BMO's Aaron Kohli noted 2Y auction foreign demand fell off "sharply" to 6.1%
in Sept, lowest since 2013, but since then, "recent uptick" in foreign bond
buying flows spurs "hope of better sponsorship at this 2Y auction. ETF flows
suggest could be demand. But he adds Fed Chair speculation was "largest" auction
risk.
- Nomura George Goncalves, Penglu Zhao: are "slightly bearish" on demand outlook
but "front-end carry/rolls are still attractive", valuations "certainly in the
cheap range" after recent selloff "both outright, on the curve." But they warn
"foreign appetite for front-end has subsided. Attractive US$ lending in FX basis
trade may divert some flows from front-end cash bond buying."

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