【债市观察】跨季后资金宽松DR001回落至1.3% 短端利率或有进一步下行空间

Group 1 - The funding environment turned loose after the quarter-end, with overnight and 7-day funding rates dropping to 1.3% and 1.4% respectively, indicating potential for further decline in short-term rates [1] - The manufacturing and non-manufacturing PMI for June showed a rebound, suggesting a stable economic foundation, while long-term rates may continue to fluctuate [1][10] - The bond market experienced a mixed performance, with the 10-year government bond yield showing slight fluctuations throughout the week, ultimately down by 0.5 basis points [2][5] Group 2 - A total of 47 bonds were issued last week, amounting to 513.2 billion yuan, with government bonds accounting for 28 billion yuan [6] - The upcoming week is expected to see the issuance of 51 bonds totaling 268.79 billion yuan, with no government bonds planned for issuance [6] - The U.S. Treasury yields rose overall, with the 10-year yield increasing by 7 basis points to 4.35%, reflecting a shift in market expectations [7] Group 3 - The bond market is currently in a favorable window for long positions, but the potential for profit is limited, suggesting a focus on yield spread trading [13] - The current market dynamics indicate a shift, with increased activity in long-duration bonds reflecting strong investor sentiment [14] - The central bank's supportive stance on liquidity and the continued decline in money market rates are seen as key certainties for the market [14]