The 10-year Treasury yield dropped to 4.8% area.
After a sharp drop from a 16-year high of 5% on Monday, the 10-year Treasury yield edged lower to around 4.81% on Tuesday. Influenced by a substantial $51 billion bond auctions, the 2-year Treasury yield rose 5bps to about 5.09%. The spread between the 2-year and 10-year yields decreased to about -28bps; it reached -11bps on Monday, the narrowest negative inversion since July 2022. In terms of economic data, the October PMIs for both the service and manufacturing sectors were better than expected.
Economic dataMiddle
• US October Markit Manufacturing PMI: 50.0 (Expected: 49.5, Previous: 49.8)
• US October Markit Services PMI: 50.9 (Expected: 49.8, Previous: 50.1)
• US October Markit Composite PMI: 51.0 (Expected: 50.0, Previous: 50.2)
US Treasury market conditions
• The 2-year US Treasury yield increased 5bps to around 5.09%.
• The 10-year US Treasury yield decreased 4bps to around 4.81%.
10年期美債收益率回落至4.8%附近
繼週一美債收益率一度衝高至5%的16年高點之後大幅回落,週二(10/24)10年期美債收益率再小幅走低至約4.81%。受510億的大額公債拍賣影響,2年期公債收益率則是上彈5bps至約5.09%。2年期與10年期利差下降至約-28bps;周一曾達到-11bps,為自 2022 年 7 月以來最小的差距。經濟數據方面,10月服務業與製造業PMI皆優於預期。
經濟數據
• 美國 10 月 Markit 製造業 PMI 初值為 50.0,預期 49.5,前值 49.8
• 美國 10 月 Markit 服務業 PMI 初值為 50.9,預期 49.8,前值 50.1
• 美國 10 月 Markit 綜合 PMI 初值為 51.0,預期 50,前值50.2
美債市場狀況
• 2年期美債利率較前日上彈5bps至約5.09%
• 10年期美債利率較前日下跌4bps至約4.81%