环球市场动态

Group 1 - The report suggests that the deposit interest rates in mainland China are likely to undergo another adjustment in the third quarter of this year due to recent LPR rate cuts, pressure on bank interest margins, and the issue of deposit termization [6] - A decrease in deposit rates would help banks control liability costs and further push down broad interest rates, including government bond rates [6] - The phenomenon of "deposit migration" may intensify, leading to an influx of funds into low-risk asset management products such as bank wealth management, thereby increasing the allocation power in the bond market [6] Group 2 - The report highlights that the U.S. Federal Reserve is facing increasing calls for interest rate cuts, with the yield curve for U.S. Treasury bonds steepening [7][64] - The 2-year and 10-year Treasury yield spread has reached its lowest level of the year, indicating market expectations for earlier and larger rate cuts than previously anticipated [54][64] - The report notes that the performance of high-yield bonds remains relatively stable, with selective buying observed in the Chinese real estate sector [66]