投资者部分消化降息 美债收益率周四走低

Group 1 - The core viewpoint of the articles indicates a significant shift in market expectations regarding interest rates, with a strong likelihood of the Federal Reserve maintaining rates in January and potentially lowering them twice in the upcoming year, as indicated by the futures market [3] - The U.S. labor cost data for Q3 shows a 0.8% increase, slightly below expectations, with a year-over-year rise of 3.5%, the smallest since Q2 2021, suggesting a cooling labor market that may alleviate inflationary pressures [3] - The Swiss National Bank has decided to keep interest rates at 0% due to inflation being slightly below expectations, with November inflation in Switzerland falling to 0%, creating deflationary pressure on the export-oriented economy [3] Group 2 - European bond yields mostly declined, with the 10-year German bond yield falling by 0.5 basis points to 2.851%, and similar declines observed in Italian and French bonds [4] - In the UK, bond yields also decreased across the board, with the 10-year yield dropping by 1.9 basis points to 4.488% [4] - In the Asia-Pacific region, Japanese bond yields followed the trend of declines, with the 10-year yield down by 2.6 basis points to 1.929% [4] Group 3 - Japanese investors net purchased overseas medium- and long-term bonds and short-term bonds, amounting to 452.9 billion yen and 285.5 billion yen respectively, while foreign investors reduced their holdings of Japanese medium- and long-term bonds by 442.6 billion yen [6] - The Japanese Ministry of Finance reported a strong demand for a 20-year bond auction, with a bid-to-cover ratio of 4.09 and an average yield of 2.916% [6] - The U.S. Treasury is set to issue $187 billion in bonds, including $85 billion in 4-week and 8-week short-term bonds and $22 billion in 30-year bonds [6]