道明证券：美债的避险作用仍令投资者担忧

Core Viewpoint - Despite recent market volatility easing, investors remain concerned about the safe-haven status of U.S. Treasuries, particularly regarding the direction of U.S. fiscal policy [1] Group 1: Investor Concerns - Investors are anxious about the potential for rising bond term premiums, which could lead to a steeper yield curve and increased worries about Treasury auction outcomes [1] - There is a possibility of credit rating downgrades for U.S. Treasuries, adding to investor unease [1] Group 2: Yield Curve Expectations - The yield curve for U.S. Treasuries is expected to steepen further, indicating an increase in the difference between short-term and long-term bond yields [1] - The U.S. Treasury may implement measures to lower financing costs, suggesting a greater reliance on Treasury supply in the coming years [1] Group 3: Treasury Auction and Supply - There is a potential for a reduction in the scale of long-term Treasury auctions, reflecting the changing dynamics in the market [1]