1Bond market trend
As of 11:30 yesterday, the bond market continued to recover. Except for the 5-year variety, most of the other treasury bonds were in stock, and the 10-year treasury bonds fell to 1.65%. Most Treasury bond futures rose, with the 30-year main contract rising by 0.32%, and the 10-year main contract rising by 0.09%.
The overall performance of credit bonds is weaker than interest-rate bonds, and they prefer medium and long-term. In the environment of loose capital, all certificates of deposit have turned red.
2Money situation
The central bank invested 173.8 billion through reverse repurchase yesterday; the intraday capital market turned loose, and the overnight capital price fell by 1.4%, and the 7-day capital price fell by 3bp to 1.5%.
3Bond market reviews and outlook
From the perspective of capital, the amount of certificates of deposit maturity this week is large, but The central bank released a large net injection yesterday, releasing warmth in advance. It is expected that the overall disturbance of the capital market will be controllable, and will continue to provide a better funding environment for the bond market.
From the macro data, although CPI and PPI performed poorly, the moderate rise in core CPI and the continued efforts to stabilize growth in the policy areas have made the expectation of economic recovery still there. It is recommended that everyone focus on the repair of CPI and PPI. If the inflation level continues to be sluggish, the space for monetary policy easing will be further opened, which will be beneficial to the bond market; if inflation rebounds rapidly, it will put adjustment pressure on the bond market.
From the market sentiment, there have been few negative factors in the bond market after putting aside factors such as tariff uncertainty in the near future. More importantly, As the start of the short-term debt market, the market's expectations for a downward trend in long-term bond yields have increased. Therefore, the bond market still has certain allocation value at the current stage.
It is recommended that everyone maintain balanced allocation of stocks and bonds, and consider gradually paying attention to the allocation opportunities of interest rate bonds.
Investing is risky, so be cautious when entering the market.
