美债竞拍遇冷，美股风暴尚未结束

Group 1 - The continuous rise in U.S. Treasury yields is causing widespread concern in the market, particularly following a disappointing auction of $16 billion 20-year Treasuries, which has spread pessimism to the U.S. stock and dollar markets [1][3] - The U.S. Treasury is planning to auction $18 billion in 10-year TIPS on Thursday, with additional auctions for various maturities scheduled from May 27 to May 29, indicating significant supply pressure [1][3] - The 30-year Treasury yield has surpassed 5.100%, while the 20-year and 10-year yields have also reached 5.105% and 4.613%, respectively, raising concerns about increased supply due to government fiscal plans [3][4] Group 2 - The highest bid rate for the 20-year Treasury auction reached 5.047%, marking the second instance of a bid rate exceeding 5% and indicating a significant increase in yield compared to the pre-issue rate [4] - The bid-to-cover ratio for the auction dropped from an average of 2.57 to 2.46, reflecting decreased demand in the market [4] - Moody's reported that U.S. public debt is approximately 100% of GDP and is expected to rise to 134% over the next decade, exacerbating inflation concerns and limiting the Federal Reserve's ability to lower interest rates [4]