Core Viewpoint - Jamie Dimon, CEO of JPMorgan Chase, warns that the bond market faces a risk of "collapse" if the U.S. government fails to control the growing federal deficit, sparking widespread discussion and varied reactions [1] Group 1: Bond Market Dynamics - Dimon's comments reflect the sentiment on Wall Street during a period of significant turmoil in the bond market, with long-term bond yields rising above 5% in late May, nearing the highest levels since 2007, indicating investor concerns over holding these securities amid increasing budget deficits [2] - Despite a successful auction of 30-year U.S. Treasury bonds on June 12, concerns remain about the demand for long-term bonds from other countries, as rising yields are attributed to a slowing U.S. economy and persistent inflation above expectations [5] - The volatility in long-term bond yields is more pronounced compared to short-term bonds, as long-term bonds typically offer higher interest rates due to their longer repayment periods, leading to increased investor anxiety regarding U.S. Treasury securities [5] Group 2: Global Debt Concerns - The global debt level has reached alarming heights, with the International Institute of Finance (IIF) projecting a record $324 trillion in global debt by Q1 2025, driven by borrowing from countries like China, France, and Germany [6] - Rising inflation and interest rates make it increasingly difficult to sustain such high levels of borrowing, with concerns that continued high bond yields and poor fiscal management could lead to unmanageable debt repayment costs [6][7] - Moody's downgraded the last highest credit rating for the U.S. due to fears that the expanding debt and deficit could undermine the country's status as a primary destination for global capital [7] Group 3: Future Uncertainties - The impact of high borrowing costs on long-term bonds issued during a period of ultra-low interest rates remains uncertain, with rising yields causing unpredictable consequences in the bond market [8] - The ongoing inflation post-pandemic and potential trade policies could further exacerbate inflationary pressures, leading to higher bond yields, while also risking economic activity and complicating monetary policy decisions for the Federal Reserve [8]

美国国债全线上涨，10年期国债收益率下跌4个基点至4.32%。 ...

Core Points - The U.S. Treasury auctioned $22 billion in 30-year bonds, showing strong demand, particularly from overseas buyers [1] - The winning bid rate for the 30-year bonds was 4.844%, the highest since January, and lower than the pre-auction rate of 4.859% by 1.5 basis points [1] - The auction's bid-to-cover ratio was 2.43, the second highest since January, indicating robust interest [3] Auction Data Summary - Indirect bid ratio reached 65.2%, the highest since January, compared to 58.9% last month, reflecting strong foreign demand [2] - Direct bid ratio was 23.4%, lower than last month's 27.2% but above the recent average of 22.3%, indicating stable domestic demand [2] - Primary dealers' allocation was 11.4%, the lowest since November, suggesting sufficient buying interest without needing dealer support [2] Market Reaction - Following the auction results, the market reacted positively, with the 10-year bond yield dropping to a daily low of 4.34%, below levels prior to last week's strong non-farm payroll report [5] Long-term Supply Pressure - Despite the strong auction performance, the U.S. faces significant long-term bond supply pressure due to financing needs from large spending plans initiated during the Trump administration [6]

Group 1 - The recent 30-year Treasury bond auction by the U.S. Treasury raised $22 billion, with a yield of 4.844%, which is approximately 1.5 basis points lower than the market level before the auction, indicating strong demand despite slightly lower foreign participation [1] - Following the auction, the yield on the 30-year Treasury bond dropped to 4.839%, down from above 4.9% at the market open, suggesting that successful auctions typically lead to higher bond prices and lower market rates [1] - Foreign investors purchased 65.2% of the 30-year bonds, slightly below the average of 67.4% from the last six similar auctions, while the 10-year bond auction saw a foreign participation rate of 70.6%, lower than the average of 73.4% [1] Group 2 - Analysts noted that the measurement of foreign demand may have technical biases, as "indirect bidders" are often seen as representatives of foreign investors, but some foreign buyers place orders directly through U.S. banks, which are not included in the "indirect bidder" statistics [2] - A more detailed report on investor classification will be released on June 24, which will provide a clearer picture of overseas demand for U.S. Treasury bonds [2] - Despite the subdued foreign demand, "direct bidders," primarily domestic institutions, showed strong interest, supporting the recent 10-year and 30-year bond auctions amid increasing U.S. fiscal deficits and debt supply [2]

两年期英债收益率跌4.8个基点，刷新日低至3.865%。 2/10年期英债收益率利差跌2.968个基点，刷新日低至+60.766个基点。 30年期英债收益率跌8.4个基点，刷新日低至5.193%；50年期英债收益率跌7.2个基点，刷新日低至 4.523%。 周四（6月12日）欧市尾盘，英国10年期国债收益率下跌7.6个基点，刷新日低至4.476%，北京时间 15:00欧股开盘时"跳空低开"。 ...

Group 1 - The winning bid rate for U.S. Treasury auctions for the four weeks ending June 12 is 44.08%, a significant decrease from the previous value of 67.87% [1]

Core Viewpoint - The market is currently focused on the upcoming 30-year Treasury bond auction, which will provide insights into investor demand amid concerns over the expanding fiscal deficit [1] Group 1: Auction Details - The auction will have a size of $22 billion and is scheduled for 1 PM New York time [1] - This auction is part of the government's regular borrowing operations [1] Group 2: Economic Context - The auction coincides with Congress's review of a significant tax cut proposal by Donald Trump, which is predicted to increase the U.S. budget deficit by trillions of dollars [1] - The potential increase in the budget gap may necessitate the issuance of more bonds to fund government spending [1]

英国10年期国债收益率日内下跌近5个基点，至4.507%，为自5月8日以来的最低水平。 ...

Group 1 - The core point of the article is that the UK two-year government bond yield has fallen to its lowest level since May 8, reaching 3.874%, with a daily decrease of 4 basis points [1] - The decline in bond yields follows the release of weak economic growth data for April [1]

韩国5月外国对本国债券的净投资增加11.34万亿韩元，而4月为增加11.26万亿韩元；5月外国对韩国股市 的净投资为增加2.01万亿韩元，而4月份为减少13.59万亿韩元。 ...