宝盛银行：财政动态对债券市场的影响各异

Group 1 - The core viewpoint of the article highlights that fiscal dynamics continue to impact the global bond market, with varying effects on major government bond yield curves [1] - The initial fiscal shock is still resonating, but its intensity is expected to diminish over time and distance [1] - In the United States, although the deficit remains unsustainable, short-term financing and Federal Reserve rate cuts have alleviated upward pressure on yields [1] Group 2 - Germany's significant fiscal policy shift last year has led to increased interest rates [1] - Japan has also recently experienced a substantial rise in interest rates [1] - In terms of duration strategy, the company does not advocate for significant deviations but prefers a slight overweight in duration for dollar and euro fixed income portfolios [1]