<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 年美國國債 ETF - iShares

0-3 月國庫券債券 ETF - iShares

增強型短期到期主動型 ETF - PIMCO

<p>今天的 2 年期國債拍賣的最高收益率為 4.071%，是自 2025 年 2 月以來的最高水平，比上個月上升了 26 個基點。這次 690 億美元的拍賣的投標覆蓋率為 2.640，略低於上個月的 2.653。間接投標者佔拍賣的 57.6%，而直接投標者佔 30.1%。總體而言，此次拍賣被認為表現平平，統計數據和內部情況都不盡如人意，市場的關注點則集中在國債和石油上，寄希望於伊朗協議的即將達成</p>

Mediocre 2Y Auction Prices At Highest Yield Since Feb 2025

ZeroHedge

Texas Capital Government Mny Mkt ETF

道富SPDR彭博1-3個月美國國債ETF

美國中期國債 ETF - iShares

美國短期國債 ETF - Vanguard

美國短期國債指數 ETF - iShares

BondBloxx Bloomberg 2 Year Target Duration US Treasury ETF

iShares Government Money Market ETF

美國短期國債 ETF - Charles Schwab

1-3年 美國國債 ETF - iShares

20 年期以上美國國債 ETF - iShares

平庸的 2 年期國債拍賣以自 2025 年 2 月以來的最高收益率定價