Investors' enthusiasm is unabated! The auction of 30-year US Treasury bonds was a great success.

Despite the market uncertainty caused by tariffs in the United States, investor interest in long-term US Treasury bonds remains strong. On Thursday, the US Treasury successfully completed a $22 billion 30-year bond auction, showing that market demand for long-term US bonds remains steady. This comes after the unexpected strong demand for $39 billion 10-year bonds on Wednesday, indicating investors' continued strong interest in long-term debt instruments. BMO Capital Markets strategist Vail Hartman pointed out that the non-dealer bid-to-cover ratio for this 30-year "long bond" auction reached 87.7%, higher than the historical average of 85.4%, and a bid-to-cover rate 2.7 basis points lower than market expectations, showing strong market subscription. In fact, these long-term bonds had already been rallying before the auction, continuing to rise during the New York session. However, after the auction results were announced (around 1 pm Eastern Time), market sentiment reversed, with the 30-year US bond yield eventually rising by 6.3 basis points to 4.85%, the highest level since January 24. Thursday's market volatility was also influenced by US President Trump's announcement to delay the imposition of "equivalent tariffs" on most countries by 90 days. Although the delay provided some buffering, the market remains cautious about the inflationary effects of future tariffs. Marc Chandler, strategist at Bannockburn Capital Markets, stated that existing tariffs on China still pose pressure on US economic growth and price stability. Jason Pride, Chief Investment Strategist at Glenmede, also pointed out that even a relatively low 10% tariff rate could have a significant inflationary impact in future Consumer Price Index (CPI) reports. The March CPI data released on Thursday showed a slight decrease in overall consumer prices month-over-month, but the market remains vigilant about future inflation risks. After days of intense volatility, the three major US stock indices all fell on Thursday, with the Dow Jones Industrial Average down 2.50%, the S&P 500 down 3.46%, and the Nasdaq Composite Index plummeting 4.31%. This was in stark contrast to the record single-day gains on Wednesday. In the bond market, yields showed divergence, reflecting investors' differences in various bond maturities. In the commodities and currency markets, the US dollar index fell by 1.7%, crude oil prices dropped by 3.5%, and gold prices rose by 3.7%.