The 3-year U.S. Treasury auction yesterday, although overall demand was slightly below average, had a rate of 3.824%, which is slightly higher than the previous month's 3.784%. However, this auction still demonstrates the market's stable interest in short-term government bonds.

It is important to note that the participation of foreign investors has decreased, accounting for only about 7% of this auction, down from the long-term average of 12.4%.

This likely represents the adverse effects of the new U.S. tariff policy on overseas diplomatic relations. More importantly, the increased domestic buying indicates a greater extraction of internal liquidity.

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