经济数据优于预期 美债收益率普遍回升

Group 1 - The overnight rise in U.S. Treasury yields was driven by strong economic data, with all maturities experiencing increases [2] - The latest non-farm payroll data showed an increase of 206,000 jobs in June, surpassing economists' expectations of 190,000, while the unemployment rate remained steady at 4.1% and average hourly earnings rose by 3.9% year-on-year, above the expected 3.8% [2] - The Federal Reserve's policy path remains unclear, with Powell emphasizing that a rate cut in December is not guaranteed, which could lead to further rebounds in Treasury yields if the Fed slows its rate-cutting pace [2] Group 2 - Despite strong economic data, inflation pressures continue to be a focal point for the market, with the U.S. Consumer Price Index rising by 3% year-on-year in September and 0.3% month-on-month, driven by a 4.1% increase in energy prices and rapid food price increases [3] - The U.S. Treasury has alleviated long-term Treasury supply pressures through increased short-term bond issuance and adjustments in financing strategies, contributing to a decline in "term premium" [3] Group 3 - Columbia Threadneedle bond manager Ed Al-Hussainy noted that the core issue is not whether to buy U.S. Treasuries, but rather if there are better alternatives available, highlighting the challenges faced by those who shorted Treasuries earlier in the year [4]