0525 GMT - The U.S. Treasury's auction of two-year notes on Tuesday might face headwinds, making concessions necessary for a solid takedown, J.P. Morgan strategists say in a note. "Overall, while we are sensitive to the high level of outright yields, we ultimately think the macro backdrop will weigh on the supply process, and the auction will likely require more of a concession in order to be digested smoothly," they say. The Treasury will auction $69 billion of two-year notes.