MMK demand is leaking to longer maturities. Today’s 3y UST auction saw solid demand, with Indirect bids rising to the highest since Oct last year. The yield stopped at 0.325%, 0.1bps tighter than WI. As a result, 10y yields dropped to 1.52% the lowest since March.
外汇对冲后UST回报仍在高位，对外国投资者仍有足够吸引力。
美债Term Premium为正，利好配置盘。
