MultiBank大通金融：美债收益率走低 市场抛售情绪缓解与需求回升

Core Viewpoint - The overall decline in U.S. Treasury yields indicates a shift in market sentiment towards risk aversion, with increased demand for safe assets, particularly in the context of recent economic concerns and Federal Reserve policy expectations [1][6]. Treasury Yield Trends - As of May 6, all maturities of U.S. Treasury yields experienced a decline, with the 2-year yield down by 4.75 basis points to 3.7827%, the 3-year yield down by 5.32 basis points to 3.7556%, the 5-year yield down by 4.19 basis points to 3.8957%, the 10-year yield down by 4.87 basis points to 4.2946%, and the 30-year yield down by 3.76 basis points to 4.797% [2]. 10-Year Treasury Auction Results - The U.S. Treasury auctioned $42 billion of 10-year notes on May 6, with a high yield of 4.342%, lower than the previous auction's 4.435%. The bid-to-cover ratio was 2.60, slightly below the previous auction's 2.67 but above the recent six-auction average of 2.59, indicating a recovery in market demand [3]. Strong Market Demand - The allocation to direct bidders, representing domestic demand, was 19.9%, while indirect bidders, representing foreign demand, received 71.2%. Primary dealers received only 8.9%, highlighting strong market demand, particularly from overseas investors [4]. Easing of Market Sell-off Sentiment - The decline in Treasury yields and the recovery in market demand have partially alleviated recent market sell-off sentiments, which were driven by concerns over the U.S. economic outlook and anticipated tightening policies from the Federal Reserve [5]. Stability and Future Outlook of the Treasury Market - The overall decline in U.S. Treasury yields reflects a decrease in risk appetite among investors, with strong demand for safe assets. The auction results indicate robust market demand, especially from foreign investors, contributing to market stability. Future trends in the Treasury market will be influenced by economic data, Federal Reserve policies, and global market dynamics [6].