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Curve Flattens After Treasury Sells $34 Billion In Uneventful, Tailing 5Y Auction

Unlike yesterday's 2Y auction, when paper was trading -1.0% special in repo which helped yesterday's issuance to pass with the high yield printing through the WI, today's 5Y auction did not have the added benefit of a short squeeze going into the 1pm deadline (5Y was trading just -0.1% in repo), and as such we were not surprised to see the high yield print at 1.129%, tailing the 1.
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