美国国债：2025年多品种收益率累计下跌、利差上涨

Group 1 - The core viewpoint of the article highlights the mixed performance of U.S. Treasury yields at the end of December, with the 10-year benchmark yield rising while the 2-year yield experienced a significant decline throughout the year [1] - The 10-year Treasury yield increased by 4.51 basis points to 4.1670%, with a cumulative decline of 40.2 basis points for 2025, trading within a range of 4.5871%-3.8564% [1] - The 2-year Treasury yield rose by 2.47 basis points to 3.4730%, with an annual cumulative drop of 76.86 basis points, trading between 4.4214%-3.3737% [1] Group 2 - The yield spread between the 2-year and 10-year Treasury notes increased by 1.837 basis points to +68.986 basis points, with a cumulative increase of 36.457 basis points for the year [1] - The 10-year inflation-protected Treasury yield rose by 3.24 basis points to 1.8984%, with an annual cumulative decline of 32.93 basis points [1] - The 10-year Treasury yield reached its annual low on April 4, while the 2-year yield hit its low on October 17 [1]