The US Treasury Department auctioned off 16 billion 20-year US Treasury bonds at 1 am today, with yields rising to 5.104% at one point

BlockBeats reported that on May 22, the US Treasury Department auctioned US $16 billion of 20-year treasury bond at 1:00 this morning, or due to the lack of bidders, the yield of 20-year US bonds finally rose to 5.104%, the highest level since November 2023, and the final published value was 5.047%. This is the first auction of long-term treasury bond bonds since Moody's became the third and last major rating agency to downgrade the US from the highest AAA credit rating last Friday. Brian Quigley, Senior Portfolio Manager at Vanguard Group, previously stated that he believes this auction will become an important indicator of market demand for long-term US Treasury bonds. Tom di Galoma, managing director of Mischler Financial Group, said that if the yield exceeds 5%, it is expected that 20-year and 30-year treasury bond will attract strong demand from life insurance companies and state and local pension funds. The rise in US Treasury yields led to a 1% drop in the S&P 500 index, a 0.6% drop in the Nasdaq, a 1.6% drop in the Dow Jones Industrial Average, and a temporary correction of approximately 3.3% in Bitcoin.