美国债市：国债下跌 20年期国债标售遇疲软需求

Core Viewpoint - US Treasury bonds experienced a decline on Wednesday, with the 20-year bond auction facing weak demand, leading to a rise in long-term bond yields. Expectations of potential US military intervention in Iran have pushed oil prices higher, impacting the bond market [1][9]. Group 1: Treasury Yield Movements - The yields on US Treasury bonds increased by 2-3 basis points during the day, with minimal changes in yield spreads [10]. - As of 3:54 PM New York time, the 2-year Treasury yield was reported at 3.4658% [12]. - The 5-year Treasury yield was reported at 3.6539% [13]. - The 10-year Treasury yield was reported at 4.0865% [14]. - The 30-year Treasury yield was reported at 4.7118% [15]. Group 2: Auction Results and Market Sentiment - The 20-year Treasury bond auction had a high yield of 4.664%, which was 2 basis points higher than the pre-auction trading level, indicating weak demand [11]. - The allocation to primary dealers was 17.6%, the highest since December 2024, while the indirect bidders' allocation dropped to 55.2%, the lowest since 2021 [11]. - The FOMC meeting minutes released at 2 PM had little impact on market expectations for rate cuts, with the market anticipating two rate cuts of 25 basis points each by the end of the year, despite some decision-makers suggesting that rate hikes could be appropriate if inflation does not ease [11].