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Fed Buying of 10-Year Notes May Outpace Sales, BNP Paribas Says

Investors should bet the difference in yield between five-year and 10-year U.S. Treasuries narrows, because purchases by the Federal Reserve may offset upcoming sales of the longer-dated securities, BNP Paribas SA said.

“There will be less supply than purchases in the seven-to-10-year area,” said Patrick Jacq, a senior fixed-income strategist in Paris. “This should be favorable in that part of the curve and this is why we recommend five-to-10-year flatteners.”

The difference in yield between the two securities widened, or steepened, three basis points to 149 basis points as of 11:15 a.m. in London.

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