长期美债持续承压！20年期美债收益率罕见低于30年期美债收益率

Group 1 - The 20-year U.S. Treasury yield briefly fell below the 30-year yield, nearing a four-year high, indicating a significant shift in the yield curve [1][3] - The recent trend shows an overall steepening of the U.S. Treasury yield curve, as traders demand higher returns for holding long-term bonds, making the 20-year bond more attractive [3] - Concerns over potential tax cuts and increasing deficits under Trump's policies are putting pressure on long-term Treasury bonds [3] Group 2 - Historically, the 20-year Treasury bond has been less favored by investors, trailing behind other Treasury securities since its reintroduction five years ago [3] - The U.S. Treasury has reduced the quarterly issuance of 20-year bonds from a peak of $75 billion in 2021 to $42 billion currently, aiming to rebalance supply and demand [3] - There is ongoing debate about the continuation of 20-year bond issuance, with former Treasury Secretary Mnuchin suggesting it should be halted to save taxpayer money due to its relatively high issuance costs [3][4]