[20-Year U.S. Treasury Auction Yield May Set Record] According to a report by Jinse Finance, on September 15, at 1:00 PM New York time, the reissuance auction of 20-year U.S. Treasury bonds is expected to achieve the highest auction yield since this bond type was reintroduced in 2020. A slight bear steepening sell-off in the long-end bond market has pushed yields higher. This $13 billion reissuance has a pre-auction trading yield of approximately 5.41%, which will surpass the 5.245% record set in October 2023, marking a new historical high for this bond type. Last week, coupon-bearing Treasury auctions saw strong demand at high yield levels, which could be a potential positive for this 20-year Treasury auction. On Tuesday, the 20-year Treasury yield reached a peak of 5.44%, the highest level since the bond's reintroduction. In last week's 10-year and 30-year U.S. Treasury auctions, the bid yields were 1.4 basis points and 2.7 basis points lower than the issuance yields, respectively. JPMorgan strategists noted in a research report on Monday evening that the macro environment lacks appeal, valuations are relatively high, and technical support is insufficient. Therefore, this auction may require greater yield concessions to be successfully absorbed. The latest position data from the U.S. Commodity Futures Trading Commission shows that speculators hold 200,000 net short positions in traditional Treasury futures, which could lead to short-covering demand.