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2021-06-23
Wow! Things are evolving
Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>随着收益率跃升至 15 个月高点，2 年期拍卖尾部令人失望</blockquote>
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Things are evolving","listText":"Wow! Things are evolving","text":"Wow! Things are evolving","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123799666","repostId":"1154606680","repostType":4,"repost":{"id":"1154606680","kind":"news","pubTimestamp":1624434937,"share":"https://www.laohu8.com/m/news/1154606680?lang=zh_CN&edition=full","pubTime":"2021-06-23 15:55","market":"us","language":"en","title":"Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>随着收益率跃升至 15 个月高点，2 年期拍卖尾部令人失望</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154606680","media":"zerohedge","summary":"Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the ","content":"<p>Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.</p><p><blockquote>上周美联储进行技术性调整后，短期利率大幅走高，将 IOER 和 RRP 分别上调 5 个基点至 15 个基点和 5 个基点，这对所有短期收益率产生了下游影响，今天的 2 年期拍卖就是一个例子。印刷价格为 0.249%，为 2020 年 3 月以来的最高收益率，比发行时的 0.244% 低 0.5 个基点。这是自 2020 年 7 月以来两年内最大的尾部，当时拍卖尾部为 0.9 个基点。</blockquote></p><p> And yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.</p><p><blockquote>然而，今天的 2 年拍卖并不全是坏事：回补出价从 2.736 跌至 2.540，但即便如此，它仍然高于 6 次拍卖的平均水平。</blockquote></p><p> The internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.</p><p><blockquote>内部因素也保持一致，间接因素下降了 50.6%，低于上个月的 57.1%，也略低于近期 52.4% 的平均水平。Directs 分配了 18.5%，略高于 5 月份的 18.0%，但低于 4 月份的 18.5%，经销商持有 30.9%，这也略高于近期平均水平 31.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6e8c02d689feb21b4def802af2cbb5cd\" tg-width=\"1280\" tg-height=\"803\"></p><p><blockquote></blockquote></p><p> And while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.</p><p><blockquote>虽然这次拍卖表面上令人失望，但由于市场更激进的加息定价和IOER/RRP上调，预计美联储后2年期国债收益率大幅走高将吸引投资者，情况可能会更糟。然而，正如 Newsquawk 指出的那样，值得注意的是，2s 在交易日早些时候一直在走高，到拍卖时可能会在一定程度上降低吸引力。</blockquote></p><p> Bottom line: not a pretty auction, but it could have been far worse all things considered.</p><p><blockquote>底线：这不是一场漂亮的拍卖，但考虑到所有因素，它可能会更糟。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>随着收益率跃升至 15 个月高点，2 年期拍卖尾部令人失望</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>随着收益率跃升至 15 个月高点，2 年期拍卖尾部令人失望</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-23 15:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.</p><p><blockquote>上周美联储进行技术性调整后，短期利率大幅走高，将 IOER 和 RRP 分别上调 5 个基点至 15 个基点和 5 个基点，这对所有短期收益率产生了下游影响，今天的 2 年期拍卖就是一个例子。印刷价格为 0.249%，为 2020 年 3 月以来的最高收益率，比发行时的 0.244% 低 0.5 个基点。这是自 2020 年 7 月以来两年内最大的尾部，当时拍卖尾部为 0.9 个基点。</blockquote></p><p> And yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.</p><p><blockquote>然而，今天的 2 年拍卖并不全是坏事：回补出价从 2.736 跌至 2.540，但即便如此，它仍然高于 6 次拍卖的平均水平。</blockquote></p><p> The internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.</p><p><blockquote>内部因素也保持一致，间接因素下降了 50.6%，低于上个月的 57.1%，也略低于近期 52.4% 的平均水平。Directs 分配了 18.5%，略高于 5 月份的 18.0%，但低于 4 月份的 18.5%，经销商持有 30.9%，这也略高于近期平均水平 31.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6e8c02d689feb21b4def802af2cbb5cd\" tg-width=\"1280\" tg-height=\"803\"></p><p><blockquote></blockquote></p><p> And while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.</p><p><blockquote>虽然这次拍卖表面上令人失望，但由于市场更激进的加息定价和IOER/RRP上调，预计美联储后2年期国债收益率大幅走高将吸引投资者，情况可能会更糟。然而，正如 Newsquawk 指出的那样，值得注意的是，2s 在交易日早些时候一直在走高，到拍卖时可能会在一定程度上降低吸引力。</blockquote></p><p> Bottom line: not a pretty auction, but it could have been far worse all things considered.</p><p><blockquote>底线：这不是一场漂亮的拍卖，但考虑到所有因素，它可能会更糟。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/disappointing-2y-auction-tails-yield-jumps-15-month-high\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/disappointing-2y-auction-tails-yield-jumps-15-month-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154606680","content_text":"Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.\nAnd yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.\nThe internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.\n\nAnd while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.\nBottom line: not a pretty auction, but it could have been far worse all things considered.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":123799666,"gmtCreate":1624437588655,"gmtModify":1634006144625,"author":{"id":"4087528538391880","authorId":"4087528538391880","name":"Jas21","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087528538391880","authorIdStr":"4087528538391880"},"themes":[],"title":"","htmlText":"Wow! Things are evolving","listText":"Wow! Things are evolving","text":"Wow! Things are evolving","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123799666","repostId":"1154606680","repostType":4,"repost":{"id":"1154606680","kind":"news","pubTimestamp":1624434937,"share":"https://www.laohu8.com/m/news/1154606680?lang=zh_CN&edition=full","pubTime":"2021-06-23 15:55","market":"us","language":"en","title":"Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>随着收益率跃升至 15 个月高点，2 年期拍卖尾部令人失望</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154606680","media":"zerohedge","summary":"Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the ","content":"<p>Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.</p><p><blockquote>上周美联储进行技术性调整后，短期利率大幅走高，将 IOER 和 RRP 分别上调 5 个基点至 15 个基点和 5 个基点，这对所有短期收益率产生了下游影响，今天的 2 年期拍卖就是一个例子。印刷价格为 0.249%，为 2020 年 3 月以来的最高收益率，比发行时的 0.244% 低 0.5 个基点。这是自 2020 年 7 月以来两年内最大的尾部，当时拍卖尾部为 0.9 个基点。</blockquote></p><p> And yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.</p><p><blockquote>然而，今天的 2 年拍卖并不全是坏事：回补出价从 2.736 跌至 2.540，但即便如此，它仍然高于 6 次拍卖的平均水平。</blockquote></p><p> The internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.</p><p><blockquote>内部因素也保持一致，间接因素下降了 50.6%，低于上个月的 57.1%，也略低于近期 52.4% 的平均水平。Directs 分配了 18.5%，略高于 5 月份的 18.0%，但低于 4 月份的 18.5%，经销商持有 30.9%，这也略高于近期平均水平 31.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6e8c02d689feb21b4def802af2cbb5cd\" tg-width=\"1280\" tg-height=\"803\"></p><p><blockquote></blockquote></p><p> And while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.</p><p><blockquote>虽然这次拍卖表面上令人失望，但由于市场更激进的加息定价和IOER/RRP上调，预计美联储后2年期国债收益率大幅走高将吸引投资者，情况可能会更糟。然而，正如 Newsquawk 指出的那样，值得注意的是，2s 在交易日早些时候一直在走高，到拍卖时可能会在一定程度上降低吸引力。</blockquote></p><p> Bottom line: not a pretty auction, but it could have been far worse all things considered.</p><p><blockquote>底线：这不是一场漂亮的拍卖，但考虑到所有因素，它可能会更糟。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>随着收益率跃升至 15 个月高点，2 年期拍卖尾部令人失望</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>随着收益率跃升至 15 个月高点，2 年期拍卖尾部令人失望</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-23 15:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.</p><p><blockquote>上周美联储进行技术性调整后，短期利率大幅走高，将 IOER 和 RRP 分别上调 5 个基点至 15 个基点和 5 个基点，这对所有短期收益率产生了下游影响，今天的 2 年期拍卖就是一个例子。印刷价格为 0.249%，为 2020 年 3 月以来的最高收益率，比发行时的 0.244% 低 0.5 个基点。这是自 2020 年 7 月以来两年内最大的尾部，当时拍卖尾部为 0.9 个基点。</blockquote></p><p> And yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.</p><p><blockquote>然而，今天的 2 年拍卖并不全是坏事：回补出价从 2.736 跌至 2.540，但即便如此，它仍然高于 6 次拍卖的平均水平。</blockquote></p><p> The internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.</p><p><blockquote>内部因素也保持一致，间接因素下降了 50.6%，低于上个月的 57.1%，也略低于近期 52.4% 的平均水平。Directs 分配了 18.5%，略高于 5 月份的 18.0%，但低于 4 月份的 18.5%，经销商持有 30.9%，这也略高于近期平均水平 31.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6e8c02d689feb21b4def802af2cbb5cd\" tg-width=\"1280\" tg-height=\"803\"></p><p><blockquote></blockquote></p><p> And while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.</p><p><blockquote>虽然这次拍卖表面上令人失望，但由于市场更激进的加息定价和IOER/RRP上调，预计美联储后2年期国债收益率大幅走高将吸引投资者，情况可能会更糟。然而，正如 Newsquawk 指出的那样，值得注意的是，2s 在交易日早些时候一直在走高，到拍卖时可能会在一定程度上降低吸引力。</blockquote></p><p> Bottom line: not a pretty auction, but it could have been far worse all things considered.</p><p><blockquote>底线：这不是一场漂亮的拍卖，但考虑到所有因素，它可能会更糟。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/disappointing-2y-auction-tails-yield-jumps-15-month-high\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/disappointing-2y-auction-tails-yield-jumps-15-month-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154606680","content_text":"Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.\nAnd yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.\nThe internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.\n\nAnd while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.\nBottom line: not a pretty auction, but it could have been far worse all things considered.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
