美国债市：国债小幅下跌 受美联储遭司法部传票和国债标售影响

Core Viewpoint - US Treasury bonds experienced a slight decline on Monday, with an inverted yield curve, primarily due to negative market sentiment following news of a federal criminal investigation into the Federal Reserve, overshadowing strong demand in the 3-year and 10-year bond auctions [1][2]. Group 1: Market Performance - After 3 PM NY time, US Treasury yields rose slightly by 1-3 basis points, with the 10-year yield approaching 4.185%, having peaked at 4.205% earlier in the day [1][2]. - The yield on the 3-year bond auction of $58 billion was 0.1 basis points lower than pre-auction trading levels, while the 10-year bond auction of $39 billion was 0.7 basis points lower [1][2]. - The 10-year bond auction saw primary dealers receiving 5.8%, marking one of the lowest levels on record, while direct bidders received 24.5%, the highest since 2014, and indirect bidders' allocation dropped to 69.6% [1][2]. Group 2: Options and Futures - There has been sustained demand for hedging against downside risks in SOFR options since the release of December employment data, with notable trading in options expiring in March, June, and September 2026 [1][2]. - As of 3 PM, futures trading volume remained high, approximately 25% above the 20-day average [3]. Group 3: Yield Rates - As of 3:41 PM NY time, the yield rates were as follows: 2-year at 3.5406%, 5-year at 3.764%, 10-year at 4.187%, and 30-year at 4.8406% [4]. - The yield spread between the 2-year and 10-year bonds was reported at 64.437 basis points, while the spread between the 5-year and 30-year bonds was 107.486 basis points [4].