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JPMorgan: Valuation Support for US 3-Year Treasury Auction Weakens

JPMorgan: Valuation Support for US 3-Year Treasury Auction Weakens

老虎证券老虎证券2026/07/07 05:44
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Given the weakening valuation support and the broader macro environment, they believe that this auction "may require further concessions to be smoothly absorbed." The strategists stated that over the past month, the yield on three-year Treasury bonds has traded within a relatively narrow range, and the current trading level is only 5 basis points lower than during the June auction. However, they noted that compared to other maturities, the valuation of this bond maturity has become relatively high; after adjusting for interest rate levels and yield curve shape over the past three to six months, its current valuation appears to be roughly fair to slightly elevated.
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