<div id="readability-page-1" class="page"><div><p>With Treasury yields sliding 4 days in a row, today's 2Y auction was not seen as especially concerning (certainly not as much as a week ago, when the 10Y was knocking on 4.70%'s door, vs 4.50% where it trades today). Still, while the auction did have it strong sides, it was hardly stellar.</p><p>Starting at the top, the $69BN sale of 2Y paper priced at a high yield of 4.071%, up 26bps from 3.812% a month ago, and the highest since Feb 2025. The auction also priced on the screws with the When Issued 4.071%, following three straight tailing auctions, so a modest improvement there.</p><p><img width="500" height="249" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2Y%20screws.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2Y%20screws.jpg"/></p><p>The bid to cover was 2.640, which was down modestly from 2.653 a month ago, but above the 2.62 six-auction average.</p><p>The internals were in line: Indirects (aka foreign buyers) took down 57.6%, up from 56.48% a month ago but below the 57.9% recent average; and with Directs almost flat at 30.1% (down from 31.65% in April, and above the 29.3% recent average), Dealerswere left holding 12.30%, up from 11.87% a month ago and just below the 6-auction average of 12.84%.</p><p><img width="500" height="304" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2%20Year%20May%202026.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2%20Year%20May%202026.jpg"/></p><p>Overall, this was a forgettable auction with mediocre stats and internals. Then again, with the market trading treasuries and oil as one asset class today (while stocks do their own thing again), and sending sharply much lower on <strong>hopes that this time the Iran deal is definitely imminent (unlike all the previous times), </strong>it's not like anyone was paying attention to bond market internals today... or frankly anything else for that matter.</p></div></div>

7-10 年美国国债 ETF - iShares

0-3 月国库券债券 ETF - iShares

增强型短期到期主动型 ETF - PIMCO

<p>今天的 2 年期国债拍卖的最高收益率为 4.071%，是自 2025 年 2 月以来的最高水平，比上个月上升了 26 个基点。这次 690 亿美元的拍卖的投标覆盖率为 2.640，略低于上个月的 2.653。间接投标者占拍卖的 57.6%，而直接投标者占 30.1%。总体而言，此次拍卖被认为表现平平，统计数据和内部情况都不尽如人意，市场的关注点则集中在国债和石油上，寄希望于伊朗协议的即将达成</p>

Mediocre 2Y Auction Prices At Highest Yield Since Feb 2025

ZeroHedge

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道富SPDR彭博1-3个月美国国债ETF

美国中期国债 ETF - iShares

美国短期国债 ETF - Vanguard

美国短期国债指数 ETF - iShares

BondBloxx Bloomberg 2 Year Target Duration US Treasury ETF

iShares Government Money Market ETF

美国短期国债 ETF - Charles Schwab

1-3年 美国国债 ETF - iShares

20 年期以上美国国债 ETF - iShares

平庸的 2 年期国债拍卖以自 2025 年 2 月以来的最高收益率定价