宏观利率图表199：预期逆转的轧空

Policy Adjustments - The Chinese central bank has lowered the reserve requirement ratio by 0.5 percentage points and reduced the 7-day reverse repurchase rate by 0.2 percentage points[2] - The MLF rate was decreased by 30 basis points in September, and the interest rate on existing housing loans has dropped by approximately 0.5 percentage points[2] - The minimum down payment ratio for second homes has been adjusted to 15%[2] Economic Indicators - From January to August, the total profit of industrial enterprises above designated size in China increased by 0.5% year-on-year[2] - In the U.S., the manufacturing PMI preliminary value is at 47, while the Eurozone's is at 44.8, indicating a contraction in manufacturing activity[2] - The U.S. consumer confidence index unexpectedly dropped by 6.9 points to 98.7 in September[2] Market Strategy - The global volatility is expected to rise in the short term, with a strategy to maintain a wait-and-see approach for October contracts[3] - Domestically, a strategic focus on a steep yield curve is recommended, while tactical attention should be given to flattening risks[3] Risks - Potential escalation of geopolitical conflicts and risks associated with U.S. debt levels are highlighted as significant concerns[4] - The risk of a stronger yen and its impact on the Japanese economy is also noted[4]