美国债市：国债在2年期标售后走低 5年期标售将至

Core Viewpoint - After the U.S. Treasury's auction of $69 billion in 2-year notes, U.S. Treasury yields continued to decline during the trading session, with expectations for upcoming 5-year and 7-year note issuances [1][9]. Group 1: Treasury Auction Results - The auction of $69 billion in 2-year notes had a high yield approximately 0.3 basis points above pre-auction trading levels [1][9]. - The allocation to primary dealers was 12.7%, the highest since June [1][9]. - Direct bidders received 34.1% of the allocation, above the average of 31.7%, while indirect bidders received 53.2%, below the average of 57.1% [1][9]. Group 2: Market Trends and Yields - U.S. Treasury yields rose slightly, with the 2-year yield up by 1.91 basis points to 3.5025%, the 5-year yield up by 1.76 basis points to 3.7109%, the 10-year yield up by 1.57 basis points to 4.1628%, and the 30-year yield up by 1.53 basis points to 4.8395% [3][4][5][6]. - The yield curve showed a bear flattening trend, with the short and mid-ends lagging as investors positioned for upcoming auctions [1][9]. - The 2-year and 10-year yield spread decreased by 0.34 basis points to 65.821 basis points, while the 5-year and 30-year spread decreased by 0.24 basis points to 112.677 basis points [7][8][12]. Group 3: Market Activity - Trading volume in U.S. Treasury futures was only 50% of the 20-day average, indicating a lack of significant price catalysts [1][9]. - In the options market, a notable hedge trade of approximately $28 million was made, betting on a decline in the 10-year yield to around 4.05% in the coming weeks [2][10].