The 10-year Treasury yield surged to 4.95% due to strong housing data and weak bond auction.
The 10-year Treasury yield rose to above 4.9% on Wednesday (10/25), once again nearing the high of 5% reached on Monday in 2007. Weak demand was observed in the auction of 5-year Treasury notes, and data showed that the U.S. housing market continued to grow at an accelerated pace in September, leading the market to weigh prospects that interest rates will remain elevated. This, in turn, has resulted in increased volatility in the bond market. The U.S. Commerce Department reported on Wednesday that, last month, new home sales increased by 12.3% to an annualized total of 759,000 units, despite the high-borrowing cost environment.
Economic data
• US September Building Permits MoM revision: -4.5% (Expected: -4.4%, Previous: 6.8%)
• US September Building Permits annualized total revision: 1.471 million units (Expected: 1.473 million units, Previous: 1.541 million units)
• US September seasonally adjusted New Home Sales annualized total: 759,000 units (Expected: 680,000 units, Previous: 676,000 units)
• US September seasonally adjusted New Home Sales MoM: 12.3% (Expected: 0.7%, Previous: -8.2%)
US Treasury market conditions
• The 2-year US Treasury yield increased 1bp to around 5.12%.
• The 10-year US Treasury yield increased 13bps to around 4.95%.
10年期美債收益率彈升至4.95%，因強勁經濟數據與公債拍賣
週三（10/25）10年期公債收益率上升至4.9％以上，再次接近本周一觸及的2007年5％高點。此前，五年期公債拍賣顯示需求疲軟，並根據數據顯示，新屋銷售於9月仍加速增長，市場預期高利率將持續至2024年，而債市的波動度亦隨之提升。美國商務部周三表示，上個月新住宅銷售按季節調整後以年度銷售速度增長12.3%，在高借貸成本環境下．達到了75.9萬套。
經濟數據
• 美國 9 月營建許可月增率修正值為 – 4.5%，預期 – 4.4%，前值 6.8%
• 美國 9 月營建許可年化總數修正值為 147.1 萬戶，預期 147.3 萬戶，前值 154.1 萬戶
• 美國 9 月季調後新屋銷售年化總數為 75.9 萬，預期 68 萬，前值 67.6 萬
• 美國 9 月季調後新屋銷售年化月增率為 12.3%，預期 0.7%，前值 – 8.2%
美債市場狀況
• 2年期美債利率較前日上彈1bp至約5.12%
• 10年期美債利率較前日上彈13bps至約4.95%