Economic Outlook - The OECD has downgraded the economic growth forecast for the US to 1.6% for 2025 and 1.5% for 2026, with global economic growth expected to decline to 2.9% and inflation potentially reaching 3.2% [1] - The US Department of Labor reported that job vacancies reached 7.391 million in April, exceeding expectations, indicating healthy demand for labor [2] - The Eurozone's consumer price index (CPI) increased by 1.9% year-on-year in May, which is below market expectations, raising the likelihood of an interest rate cut by the European Central Bank [2] Market Movements - The Dow Jones Industrial Average rose by 0.51% to 42,519.64 points, the S&P 500 increased by 0.58% to 5,970.37 points, and the Nasdaq Composite climbed by 0.81% to 19,398.96 points [3] - COMEX gold futures fell by 0.60% to $3,376.90 per ounce, while COMEX silver futures decreased by 0.05% to $34.68 per ounce [4] - Crude oil prices saw an increase, with the main US oil contract rising by 1.31% to $63.34 per barrel and Brent oil up by 1.47% to $65.58 per barrel [5] Currency and Bond Markets - The US dollar index increased by 0.60% to 99.28, while the euro and British pound both depreciated against the dollar [6] - The yields on US Treasury bonds rose, with the 2-year yield up by 1.45 basis points to 3.945%, the 5-year yield up by 1.91 basis points to 4.021%, and the 10-year yield up by 1.38 basis points to 4.454% [5]

Core Insights - The U.S. Treasury auctioned six-month Treasury bills with a winning yield of 4.225%, slightly down from 4.235% on May 27 [1] - The bid-to-cover ratio was 3.44, indicating strong demand compared to the previous auction's ratio of 3.00 [1] Summary by Category - **Auction Results** - Winning yield for six-month Treasury bills was 4.225% [1] - Previous auction yield was 4.235% on May 27 [1] - **Demand Indicators** - Bid-to-cover ratio was 3.44, showing increased demand [1] - Previous bid-to-cover ratio was 3.00 [1]

日本10年期国债拍卖爆了。 今日，据日本财务省发布的数据，在2.6万亿日元10年期国债的拍卖中，投标倍数从上月的2.54大幅跃升至3.66，拍卖需求关键指标升至2024年4月以来最高水平。受 此影响，日本中长期政府债券价格直线拉升，日本10年期国债收益率一度跌超2%。 有分析警告称，虽然日本10年期国债拍卖结果超出预期暂时缓解了市场紧张情绪，但市场真正的考验将是周四举行的日本30年期国债拍卖。 当前市场正高度关注日本央行是否会进一步减少国债购买量。当地时间6月3日，日本央行行长植田和男暗示，可能在下一财年进一步放缓政府债券购买的步伐。另 外，植田和男还表示，如果日本经济前景实现，日本央行将进一步加息。 日本国债卖爆 6月3日，日本财务省发布的数据显示，本次2.6万亿日元的10年期国债拍卖中，投标倍数从上月的2.54大幅跃升至3.66，远超过去一年的平均水平。拍卖需求关键指 标升至2024年4月以来最高水平（该数值越高，表明市场对债券的需求越强劲）。 受此次标售结果影响，在东京午盘交易中，日本中长期政府债券价格直线拉升，其中，日本10年期国债收益率一度跌超2%。 樱井诚预计，日本国债收益率将保持在较高水平，这将 ...

Group 1 - The U.S. Treasury auctioned $44 billion in seven-year bonds with a winning yield of 4.194%, an increase from the previous rate of 4.123% reported on April 24 [1] - The bid-to-cover ratio was 2.69, which is higher than the previous auction's ratio of 2.55, indicating stronger demand for the bonds [1]

Group 1 - The U.S. Treasury auctioned four-year and eight-year government bonds with bid-to-cover ratios of 2.92 and 3.07 respectively, indicating strong demand [1] - The awarded yield for the four-year bonds was 4.215%, slightly lower than the previous auction's yield of 4.220% [1] - The awarded yield for the eight-year bonds was 4.225%, also lower than the previous auction's yield of 4.235% [1]

Group 1 - The U.S. Treasury auctioned a four-month Treasury bill with a winning yield of 4.220%, slightly down from the previous rate of 4.230% reported on May 21 [1] - The bid-to-cover ratio for this auction was 3.36, indicating strong demand, compared to the previous auction's ratio of 3.21 [1]

美国财政部拍卖两年期浮息国债（FRNS），贴现利率0.144%（4月23日报0.160%），投标倍数2.95（前 次为2.69）。 ...

日本40年期国债拍卖结果出炉，投标倍数为2.21，为2024年7月来新低，最高得标收益率为3.1350%。拍卖结果出炉后，日本国债期货延续跌势，美 元/日元短线走低近30点。 | Auction | Issue | | Amt Sold | Bids | Yield | Issue(2) | Bid/ | | --- | --- | --- | --- | --- | --- | --- | --- | | Date | Number | Coupon | (Y bln) | (Y bln) | (1) | Price | Cover | | 05/28/2025 | 18 | 3.1% | 499.90 | 1.106.60 | 3.135% | 99.20 | 2.214 | | 03/27/2025 | 17R | 2.2% | 699.80 | 2.043.60 | 2.710% | 87.77 | 2.920 | | 01/21/2025 | 17R | 2.2% | 699.50 | 1,924.90 | 2.570% | 90.90 | 2.752 | | 11/27/2024 | 17R | ...

Core Insights - The U.S. Treasury auctioned six-month Treasury bills with a winning yield of 4.235%, matching the yield from May 20 [1] - The bid-to-cover ratio was 3.00, indicating strong demand compared to the previous auction's ratio of 2.97 [1]

Group 1 - The U.S. Treasury auctioned three-month Treasury bills with a winning yield of 4.255%, down from 4.285% on May 19 [1] - The bid-to-cover ratio for the three-month bills was 3.18, an increase from the previous ratio of 2.76 [1] - The auction of six-month Treasury bills had a winning yield of 4.160%, slightly up from 4.140% on May 19 [1] Group 2 - The bid-to-cover ratio for the six-month bills was 2.95, compared to the previous ratio of 2.59 [1]