景顺：美联储降息在即 美债比欧债更具投资价值

Group 1 - The core viewpoint is that U.S. Treasury bonds are currently more attractive for investment compared to European bonds due to the potential for interest rate cuts by the Federal Reserve and the restoration of the traditional safe-haven status of U.S. Treasuries [1][2] - Following the implementation of the "liberation day" tariff policy by Trump in April, U.S. Treasuries initially lagged behind European bonds, but the decline in U.S. employment data has led to a more aggressive easing policy by the Federal Reserve, validating the overweight position in U.S. Treasuries [1] - Market expectations indicate that the Federal Reserve may lower interest rates twice by 25 basis points by the end of the year, with a significant speech by Fed Chair Powell anticipated at the Jackson Hole global central bank meeting [1] Group 2 - U.S. Treasuries have regained favor among global investors as a preferred safe-haven asset amid market volatility, with JPMorgan Asset Management stating that the "glory days" for European bonds are over [2] - The yield on the U.S. 10-year Treasury bond has remained stable at 4.31%, approximately 30 basis points lower than the levels reached in May [2] - The yield spread between U.S. Treasuries and German bonds has narrowed from nearly 200 basis points in June to about 155 basis points, indicating a shift in investor preference [2]