The auction result was better than expected, and the 10-year US Treasury yield fell below 4.5%.
On Wednesday (11/8), the US Treasury yield curve flattened again, with the 2-year Treasury yield rising slightly, while the 10-year Treasury yield fell 7bps to 4.49% at the close, the lowest level since late September, after the 10-year bond auction results modestly exceeded expectations. Overall, the 10-year Treasury yield continued to keep its downward momentum since the Fed’s rate decision meeting earlier this month, as investors generally believe that the Fed is likely done with its hiking cycle.
Remarks by officials
• Fed Governor Philip Jefferson said that if inflation expectations start to heat up, policymakers need to respond forcefully.
• Fed Governor Lisa Cook expressed concern that geopolitical tensions may lead to adverse spillover effects, including an increase in inflation.
US Treasury market conditions
• The 2-year US Treasury yield increased 2bps to around 4.93%.
• The 10-year US Treasury yield decreased 7bps to around 4.49%.
拍賣結果優於預期，10年期美債收益率走低至4.5%以下
週三（11/8）美債殖利率曲線再度趨平，2年期美債收益率小幅上彈，10年期美債收益率則是在10年期公債拍賣結果優於預期後走低，收在約4.49%，為九月下旬以來的低點。整體而言，10年期美債收益率在本月初聯準會的利率決議會後呈現持續下行的趨勢，投資人普遍認為聯準會可能已經結束升息週期。
官員談話
• 聯準會理事傑佛森（Philip Jefferson）表示，如果通膨預期開始升溫，決策者需要作出強有力回應。
• 聯準會理事庫克（Lisa Cook） 表示，地緣政治緊張局勢可能引發負面溢出效應，包括通膨上升。
美債市場狀況
• 2年期美債利率較前日上漲約2bps至約4.93%
• 10年期美債利率較前日下跌約7bps至約4.49%