美国8月PPI环比转负强化降息预期 美债一二级同步向好收益率跌创阶段新低

Group 1 - The core viewpoint of the articles highlights a significant decline in U.S. Treasury yields following the release of the Producer Price Index (PPI) data, with the 10-year Treasury yield dropping to a new low of 4.03% since April [1][2] - The U.S. Treasury issued $39 billion in 10-year bonds, with strong demand reflected in a bid-to-cover ratio of 2.65, indicating robust investor interest [2] - The August PPI data showed a month-on-month decrease of 0.1%, marking the first decline in four months and falling short of market expectations for a 0.3% increase [1][2] Group 2 - The indirect bid ratio, which measures foreign demand, reached 83.1%, the second-highest on record, while the direct bid ratio from domestic investors was at 12.66%, the lowest since April [2] - The decline in the allocation to primary dealers, which fell to a historical low of 4.2%, suggests a shift in demand dynamics, with passive investment vehicles like index funds and ETFs becoming significant buyers of U.S. Treasuries [2] - The low allocation to primary dealers indicates strong actual demand, leading to less selling pressure in the secondary market, which may help stabilize yields [2]