Although the overall demand for three-year US bonds auctioned yesterday was slightly lower than the average level, the interest rate of this three-year bond was 3.824%, slightly higher than the 3.784% of the previous month, this auction still showed the stable interest of the market in short-term treasury bond. However, it should be noted that the participation of foreign investors has decreased, accounting for only about 7% of this auction, which is lower than the long-term average of 12.4%. This is also likely to represent that the new tariff policy of the United States is unfavorable for the establishment of diplomatic relations with overseas countries, and more importantly, more domestic capital purchases represent a greater extraction of domestic liquidity. And there will be auctions for the 10-year and 30-year periods next week, so the demand for liquidity may be one of the reasons for the decline in the US stock market. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex