10年期美债拍卖意外疲软

Core Insights - The U.S. Treasury auctioned $42 billion in 10-year bonds with a winning yield of 4.255%, lower than the 4.362% from the July auction [1] - The bid-to-cover ratio fell to 2.35, the lowest since August 2024, indicating weak demand [1] - Indirect bids, reflecting foreign demand, dropped to 64.2%, the lowest since January this year, while direct bids from domestic investors fell to 19.6%, the lowest since April [1] - The allocation to primary dealers increased to 16.2%, the highest since August 2024, suggesting that primary dealers are filling the demand gap [1] - The auction results were deemed "unexpectedly poor," confirming market concerns about weak demand [1]