10:39 AM EDT, 06/19/2024 (MT Newswires) -- CIBC said Wednesday that given valuation places the current 10yr roll as rich, and the Jun34s appear to have already absorbed some benchmark premia, the bank finds it difficult to make a case for roll flattening in the near term. This, it added, is particularly the case as micro rolls within the 10yr sector appear to have been governed by macro forces to a greater extent than normal, and the bank thinks that 2s10s steepeners provide the most value going forward.

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