CBOT TYH6/M6 spread update: now 4.25/4.50 mkt, vs 3.5 close TYH6/M6 spread is richening further today.This is especially int -eresting since Nov 12 repo to 31 March is trading close to 4%so not in the least special. If term repo were to rise a bit more, then we would have a negative carry situation, which would warra -nt early delivery of the Nov 12 into the TYH6 contract. 1st not -ice day is Tues 28 Feb & 1st delivery day is Wed 1 March.So far the TYH6/M6 spread has risen despite the large combined spec & hedge net long of 187.6K (as of last Tues 14 Feb) & the relative -ly high repo rate. Continue to think that the technical situati -on with the Nov 12 (guess $5-6bio float) & Fed SOMA holding only $236mio can make the TYH6/M6 spread widen further. Jim Lee