Group 1: Federal Reserve and Economic Indicators - The probability of a 25 basis point rate cut by the Federal Reserve in December is 86%, up from the previous week[1] - Non-farm payrolls in November increased by 227,000, exceeding expectations of 220,000, with an unemployment rate of 4.2%[1] - The overall economic conditions support a cautious approach to rate cuts, as indicated by various Federal Reserve officials[1] Group 2: Currency and Bond Market Trends - The US dollar index closed at 105.97 on December 6, up 0.18% from the previous Friday[1] - The Chinese yuan depreciated to 7.2582 against the US dollar, a decline of 250 basis points from the previous week[1] - China's 10-year government bond yield fell to 1.95%, down 7 basis points, marking a significant decline in long-term interest rates[4] Group 3: Monetary Policy and Liquidity - The People's Bank of China (PBOC) has maintained a loose liquidity stance, with the 7-day reverse repo rate at 1.50%[1] - The PBOC's liquidity injection through various tools totaled approximately 1 trillion yuan in November, despite a net withdrawal of 550 billion yuan from MLF[4] - The 1-year interbank certificate of deposit rate decreased to 1.75%, down 5 basis points from the previous week[1]
周报:美联储12月降息概率再提升,我国10年期国债收益率持续下行
AVIC Securities·2024-12-09 06:33