Group 1 - Concerns over Japan potentially increasing bond issuance have impacted the global long-term bond market, leading to a decline in U.S. Treasury prices [1][2] - The U.S. 10-year Treasury yield rose by 4 basis points to 4.42%, marking the longest rising cycle since April [1] - The U.S. 30-year Treasury yield is approaching 5%, while Japanese and German 30-year bond yields are also reaching significant levels [1][2] Group 2 - The global long-term bond market is facing turmoil as traditional buyers exit the market amid increasing bond supply, particularly affecting the UK and Japan [4] - Japanese long-term bonds have seen significant price drops, with the 30-year bond yield exceeding 3%, nearing historical highs [4] - Major Japanese life insurance companies, traditionally significant buyers of long-term bonds, are avoiding such securities due to rising interest rates and supply pressures [4] Group 3 - In the U.S., budget deficit concerns are bringing bond supply back into focus, with upcoming auctions for 3-year, 10-year, and 30-year Treasuries [5] - Recent strong economic data has diminished expectations for further rate cuts by the Federal Reserve, impacting U.S. Treasury performance [5] - The swap market now indicates two potential rate cuts by the Federal Reserve this year, contrasting with earlier expectations of three cuts [5]

Core Viewpoint - The U.S. banking sector anticipates a significant increase in high-rated bond supply in May, reaching up to $150 billion, which is higher than the approximately $104 billion issued in April, reflecting a decrease of about $15 billion from expectations [1] Group 1 - The expected high-rated bond supply for May is projected to be $150 billion [1] - The April issuance was approximately $104 billion, which was about $15 billion lower than anticipated [1]