美国债市：美联储决策推动美债收益率曲线牛市趋陡

Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points with a 9-3 voting outcome, aligning with market expectations, and will begin purchasing $40 billion in Treasury bills monthly starting December 12 [1][2]. Group 1: Market Reactions - The U.S. Treasury yield curve has steepened, with short and medium-term bonds leading the gains following the Fed's announcement [1][2]. - After the Fed's policy statement, the overall yield curve declined by 2 to 6 basis points, resulting in a steepening of the yield curve, with the 2-year to 10-year and 5-year to 30-year spreads widening by nearly 3 basis points each [1][2]. - Trading volume for the SOFR-Federal Funds basis surged significantly post-FOMC decision, with 165,000 contracts for the 1-month and 130,000 contracts for the 2-month [1][2]. Group 2: Yield Rates - As of 3:05 PM Eastern Time, the following yield rates were reported: - 2-year Treasury yield at 3.5526% - 5-year Treasury yield at 3.743% - 10-year Treasury yield at 4.1507% - 30-year Treasury yield at 4.7878% [3]. - The yield spread between the 5-year and 30-year Treasury bonds was 104.3 basis points, while the spread between the 2-year and 10-year Treasury bonds was 59.39 basis points [3].