Tonight, keep an eye on the U.S. Treasury's $22 billion 30-year bond auction, with results announced at 1 AM Beijing time. Yesterday's 10-year auction showed strong demand, indicating that higher yields have attracted funds willing to step in. However, the 30-year auction will be a bigger test of investors' confidence in long-term inflation and the U.S. fiscal outlook. The longer the maturity, the greater the uncertainty investors must bear. Key metrics to watch include the bid-to-cover ratio, the awarded yield, and the allocation ratio for primary dealers. The bid-to-cover ratio and dealer allocation ratio should be compared to recent auctions of the same maturity, while the awarded yield should be compared to market yields right before the auction closes. If the awarded yield is significantly higher, it signals a tail in the auction, meaning higher returns are needed to entice buyers to take on these bonds. If the 30-year auction also sees strong demand, it could temporarily ease selling pressure on long-term U.S. Treasuries. However, if a noticeable tail emerges alongside a higher dealer allocation ratio, it suggests weaker interest from other buyers, potentially pushing long-term yields higher again. One @Gate, trade more markets.