Group 1 - A significant wave of U.S. Treasury bond issuance is set to impact the market next week, with the Treasury planning to auction a total of $125 billion in various maturities [2][3] - The upcoming bond supply coincides with a critical liquidity indicator in the U.S. money market, which is already under pressure due to the government shutdown that has led to a significant cash hoarding by the Treasury [2][4] - The Treasury aims to refinance maturing debt and raise approximately $26.8 billion in new funds from private investors through this issuance [3] Group 2 - The bond auctions will occur in a compressed trading week due to the Veterans Day holiday, raising concerns about market liquidity [3][10] - Recent financial indicators have shown a severe liquidity crisis in the U.S. financial system, with key metrics signaling a tightening environment [4][5] - The Treasury General Account (TGA) balance has surged over $700 billion in the past three months, contributing to the liquidity strain, as it has increased from around $300 billion to over $1 trillion since July [7][9]
下周美国市场也不好过？天量美债发行潮来袭，恰逢关键流动性指标“告急”
Sou Hu Cai Jing·2025-11-08 12:28