Halister News

(Bloomberg) -- Valuations are “fair,” roll is trading “modestly wide,” and dealer inventories in 2Y-6Y sector are at low end of 6 mo. range, suggesting $24b auction at 1pm ET “will be absorbed with relative ease,” JPMorgan strategists led by Jay Barry say in April 11 note.

• Since last auction 3Y yields have declined by ~20bp amid Fed’s “dovish shift,” and sector appears “fairly valued along the curve”