The re issuance auction of US $13 billion 20-year treasury bond on September 15, with a trading yield of about 5.41% before issuance, is expected to exceed the record of 5.245% on October 2023. Morgan Stanley strategists pointed out that the macro environment lacks attractiveness, valuations are on the high side, and technical support is insufficient. Therefore, this auction requires a larger yield concession. According to the data of the Commodity Futures Trading Commission of the United States, speculators hold 200000 traditional treasury bond bond futures short positions.