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The Treasury will sell $58 billion of 3-year notes at 1pm ET on the 8th (2am KST on the 9th), with settlement on September 15, keeping the size unchanged from the August 5 quarterly refunding that also set the 10-year at $42 billion and the 30-year at $25 billion. Because the 3-year sits at the point of the curve most sensitive to policy-rate expectations, a soft auction with weak bid-to-cover and a tail would push front-end yields higher, firm the dollar, and tighten the discount rate applied to BTC/ETH and long-duration NASDAQ names, while strong demand does the opposite. Watch the stop-out versus the when-issued level and indirect bidder participation as the cleanest read on real-money appetite, with the guidance that nominal coupon and floating-rate sizes stay steady for several quarters limiting near-term supply-shock risk.
As a Macro signal, watch whether it changes price action, volatility, or flows around BTC.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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