利率债周报 | 上周债市窄幅震荡，收益率曲线延续陡峭化

Market Review - The bond market experienced narrow fluctuations last week, with long-term bond yields slightly rising. The 10-year government bond futures main contract fell by 0.11% over the week, while the 10-year bond yield increased by 0.66 basis points compared to the previous week [1][4][13] - The bond market was influenced by external factors, including the easing of tensions in the Middle East, which initially boosted the stock market and weakened the bond market. However, market sentiment improved on Thursday after the National Development and Reform Commission's press conference did not announce any new policies, leading to a slight recovery in the bond market [1][5][6] Key Events - The central bank significantly increased the amount of Medium-term Lending Facility (MLF) operations, conducting a 300 billion yuan MLF operation on June 25. This move aims to maintain liquidity in the banking system amid large-scale government bond issuances and high maturity of interbank certificates of deposit [13][15] Economic Observations - The production data showed mixed results, with an increase in the operating rate of asphalt plants and daily iron output, while the operating rate of semi-steel tires continued to decline. The demand side indicated a significant drop in the Baltic Dry Index (BDI) and an increase in the export container freight index (CCFI) [16][19] Liquidity Observations - The central bank's net liquidity injection last week was 1.2672 trillion yuan, reflecting a proactive approach to manage liquidity in the market [30]