美国债市：短端领跌国债 就业数据强劲且10年期标售疲软

Core Viewpoint - The U.S. Treasury market exhibited a bear flattening trend following a stronger-than-expected employment report, with the unemployment rate dropping to 4.3% [1][3]. Group 1: Market Reactions - Despite a hawkish shift in the overnight index swaps (OIS) linked to Federal Reserve meetings, Treasury bonds rebounded from initial declines [1][3]. - In the afternoon trading session, the decline in mid-term Treasuries widened, with the yield on the 10-year Treasury auction exceeding pre-issue trading levels, undermining confidence in the upcoming 30-year Treasury auction [1][3]. - By 3 PM New York time, the U.S. Treasury yield curve rose by 3 to 6 basis points, with the spreads between 2-year and 10-year, as well as 5-year and 30-year yields narrowing by 3 and 1 basis points respectively [1][3]. Group 2: Yield Data - As of 3:43 PM Eastern Time, the yields were reported as follows: 2-year at 3.5119%, 5-year at 3.7428%, 10-year at 4.1744%, and 30-year at 4.8184% [2][4]. - The yield spread between 2-year and 10-year Treasuries was 66.04 basis points, while the spread between 5-year and 30-year Treasuries was 107.38 basis points [2][4]. Group 3: Auction Insights - The auction results indicated that primary dealers received 13.4% of the allocation, which was higher than previous levels; however, indirect bidders' allocation fell to 64.5%, and direct bidders received 22.1% [1][3].