Halister News

(Bloomberg) -- Although 2Y yield fell by as much as 22bp since last auction in sector, it has since retraced more than half of that; now trades ~10bp below Jan. auction stop and appears ~5bp cheap “given their fundamental drivers,” JPMorgan strategists led by Jay Barry say in Feb. 22 note.

• Additionally, 2Y roll opened at +1.5bp and still trades at this level, “underperforming the erosion of carry”
• $26b 2Y auction at 1pm “should be underwritten with little difficulty”