美国债市：国债全线走低 但跌幅在3年期国债标售后收窄

Core Viewpoint - US Treasury bonds experienced a decline on Monday, with strong demand for the 3-year bond auction leading to a narrowing of losses later in the day. Market expectations for a Federal Reserve rate cut next year weakened, causing yields to rise to their highest levels in at least two weeks, and even three months for some maturities [1][3]. Group 1: Market Performance - The yields on US Treasury bonds rose by 2-4 basis points during the day, with the 5-year bond leading the decline, resulting in a 2.5 basis point increase in the 2s5s10s butterfly spread, reaching its highest level since late October [1][3]. - By the end of the day, the market was pricing in a Federal Reserve rate cut of approximately 77 basis points by the end of next year, down from 80 basis points at the previous Friday's close [4]. Group 2: Auction Results - The 3-year bond auction totaled $58 billion, with the awarded yield 0.8 basis points lower than the pre-auction trading level. The allocation to primary dealers was 9%, below the average of 13.1% from the previous six auctions. Indirect bidders received 72%, above the average of 62.5%, while direct bidders received 19%, compared to an average of 24.5% in the previous six auctions [1][3]. Group 3: Yield Rates - As of the close, the yield rates were as follows: 2-year at 3.5771%, 5-year at 3.7481%, 10-year at 4.1663%, and 30-year at 4.809%. The yield spread between the 2-year and 10-year bonds was 58.712 basis points, while the spread between the 5-year and 30-year bonds was 105.916 basis points [2][5][6].