Core Viewpoint - The U.S. Congress's tax reform proposal is raising concerns about significantly increasing the federal deficit, leading to a rise in U.S. Treasury yields and a sell-off in the stock market [1][2]. Group 1: Market Reactions - The U.S. stock market experienced a notable decline on May 21, with the Dow Jones Industrial Average dropping 816.80 points to close at 41,860.44, a decrease of 1.91% [1]. - The S&P 500 index fell by 95.85 points to 5,844.61, down 1.61%, while the Nasdaq Composite Index decreased by 270.07 points to 18,872.64, a drop of 1.41% [1]. - The auction of $16 billion in 20-year Treasury bonds saw weak demand, resulting in a rise in bond yields, which negatively impacted the stock market [1]. Group 2: Treasury Yields - The 30-year Treasury yield surpassed 5% for the second time that week, closing at 5.09%, marking the highest level since October 2023 [2]. - The 10-year Treasury yield increased by 11 basis points to 4.6% on the same day [2]. - The yield on the 20-year Treasury bond reached 5.047%, the first time it has exceeded 5% since October 2023, indicating a lack of interest in purchasing new bonds [1][2]. Group 3: Economic Concerns - The proposed tax reform is expected to increase the federal deficit by approximately $3 trillion over the next decade, raising the debt-to-GDP ratio from 100% to a record 125% [2]. - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1 due to rising government debt and interest expenditures [2]. - Concerns about inflation control and debt management are contributing to the rise in Treasury yields, as noted by market analysts [3]. Group 4: Corporate Earnings Impact - Major retailers, including Target, have lowered their full-year earnings forecasts due to slowing consumer spending and declining confidence, further pressuring the stock market [3].

智通财经5月22日电，日本40年期国债收益率上涨6个基点至3.675%，触及2007年开始发行以来的最高 水平。 ...

日本20年期国债收益率上涨5.5个基点至2.595%。 ...

Group 1 - The yield on Japan's 5-year government bonds has increased by 2.5 basis points, reaching 1.02% [1]

Group 1 - The yield on Japan's 5-year government bonds has increased by 2.5 basis points to 1.02% [1]

Core Viewpoint - The Japanese government bond market is experiencing significant challenges, with declining bond prices and rising yields, reflecting investor concerns over the Bank of Japan's reduced bond purchases and broader economic risks [1][3][5]. Group 1: Japanese Government Bonds - Recent auctions for 20-year Japanese government bonds have shown poor results, with a bid-to-cover ratio of only 2.5, the lowest since 2012, and a tail difference reaching 1.14, the highest since 1987, indicating weak market demand [3]. - The yield on 20-year Japanese government bonds has risen to its highest level since 2000, while yields on 30-year and 40-year bonds have reached historical highs [3]. - The Bank of Japan currently holds 52% of the Japanese government bond market, making it the largest buyer, but concerns are growing about the ability to find buyers as the central bank reduces its purchases [5]. Group 2: Economic Indicators and Market Reactions - Japan's composite PMI for May has dropped to 49.8 from 51.2, signaling a contraction in economic activity, which has contributed to a decline in the Nikkei index [1]. - A recent survey indicates that nearly two-thirds of Japanese companies are urging the Bank of Japan to pause its interest rate hike plans, reflecting concerns over economic stability and uncertainty from U.S. trade policies [6]. - The rise in U.S. Treasury yields, particularly the 10-year yield approaching 4.6% and the 30-year yield surpassing 5%, is closely linked to the performance of the Japanese bond market and has implications for global liquidity [7][8].

新西兰两年期国债收益率回落，此前新西兰预计2025年和2026年经济增长放缓。 ...

日本20年期国债收益率上升3个基点至2.57%。 ...

10年期日本国债收益率上涨3.5个基点，至1.55%，为自3月28日以来的最高水平。 ...

当地时间5月21日（周三），美股三大指数大幅收跌，道指重挫逾800点。美国国债收益率飙升，交易员越来越担心美国新的预算法案可能会给该 国本已巨大的赤字带来更大压力。 截至收盘，道指跌816.80点，跌幅为1.91%，报41860.44点；纳指跌270.07点，跌幅为1.41%，报18872.64点；标普500指数跌95.85点，跌幅为1.61%，报5844.61点。 周三，美国长期国债遭遇抛售，国债收益率飙升，因交易员担忧新预算法案将恶化美国财政赤字。 随着投资者临近众议院议长迈克·约翰逊设定的阵亡将士纪念日（5月26日）最后期限，上述预算法案预计将在立法者就州税和地方税抵扣问题达成妥协后获得通 过。 鉴于美国政府不断膨胀的债务和赤字引发担忧，投资者正在纷纷押注长期美国国债收益率将飙升。而美国总统特朗普的减税法案将使国债收益率上涨的形势雪上加 霜。 黯淡的经济前景正在刺激美债期权市场的对冲交易，投资者认为长期债券收益率到年底时将升高。这波美债下跌押注呼应了华尔街的看法。包括高盛和摩根大通在 内，各大机构策略师纷纷上调了国债收益率预测。 关注美国新预算法案进展 市场最新动向源于交易员对华盛顿动态的关注——共和党 ...