0541 GMT - The U.S. Treasury's $70 billion auction of five-year notes on Wednesday is expected to go smoothly, J.P. Morgan strategists say in a note. The offer might benefit from favorable valuations, they say. "Given cheap valuations and a mixed technical backdrop, we think tomorrow's [Wednesday's] auction can likely be digested smoothly," they say. The five-year Treasury yield is up 0.4 basis points at 4.352%, according to Tradeweb.
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