宏观利率图表200：政策落地期，需坚定信心

Group 1: Domestic Economic Policies - China's macro policy has reached a turning point, with a focus on the pace of policy implementation[2] - The Ministry of Finance is increasing counter-cyclical adjustments and debt reduction efforts, including the resumption of land reserve bonds[3] - The People's Bank of China has paused gold purchases for five consecutive months, indicating a shift in monetary policy[3] Group 2: Economic Indicators - In September, China's CPI rose by 0.4% year-on-year, while PPI saw a year-on-year decline of 2.8%[3] - The U.S. consumer confidence index for October is at 68.9, below the expected 71[3] - The U.S. CPI for September increased by 2.4% year-on-year, the lowest since February 2021, while core CPI rose by 3.3%[3] Group 3: Global Monetary Policy Trends - The Federal Reserve's meeting minutes show a division on interest rate cuts, with some members favoring a 25 basis point reduction[3] - The Bank of Korea has lowered rates by 25 basis points, marking its first cut since the pandemic began in 2020[3] - The Reserve Bank of India has shifted to a neutral stance, indicating potential future rate cuts[3] Group 4: Market Strategy - The strategy suggests maintaining a wait-and-see approach due to rising volatility in global markets[4] - A tactical focus on flattening risk is recommended for October, with specific yield curve strategies outlined[4] Group 5: Risks - Potential risks include escalating geopolitical conflicts, debt risks in Europe and the U.S., and the appreciation of the Japanese yen[5]