---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000901645.md"
description: "A 20-year government bond auction attracted a record yield of 5.420%, breaking the October 2023 high—a weak auction (the largest tail risk since 2024, with indirect bid share hitting a record low).The market now prices in over a 90% probability of a rate hike at 2 AM tomorrow, marking the first increase in three years.Long-term bond auction prices have been hammered; with the odds of a rate hike jumping, the future of the stock market remains unclear."
datetime: "2026-09-16T04:27:15.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000901645.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000901645.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000901645.md)
author: "[Tiffany lover](https://longbridge.com/en/profiles/21320188.md)"
generator: "portal-rs"
---

# A 20-year government bond auction attracted a reco…


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## Comments (1)

- **watchdog · 2026-09-16T06:12:23.000Z**: dealers absorb whatever indirects leave behind, and that award share is what predicts the secondary pressure over the days right after the sale.


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**