摩根士丹利：美国流动性利率追踪

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The US interest rates market shows a significant decline in yields across various maturities, with the 2-year yield dropping by 14.9 basis points to 3.794% and the 10-year yield decreasing by 6.7 basis points to 4.326% [4]. - The spread between different maturities has also changed, with the 2s/10s spread narrowing by 52.6 basis points [4]. - The report highlights a notable performance in the mortgage-backed securities market, with FNMA 3.5% coupon bonds trading at 88-296, reflecting a performance change of 0-13+ [4]. Summary by Sections General Market Summary - The report provides a comprehensive overview of the US interest rates market, detailing changes in yields and spreads across various maturities [3]. Treasury Yields - The 2-year yield is at 3.794%, down 14.9 basis points; the 5-year yield is at 3.934%, down 16.2 basis points; and the 30-year yield is at 4.809%, up 2.4 basis points [4]. Spread Analysis - The report indicates a significant narrowing of spreads, with the 2s/10s spread decreasing by 52.6 basis points, reflecting market adjustments [4]. Mortgage Performance - The FNMA 3.5% coupon bonds are highlighted with a trading price of 88-296, indicating a performance change of 0-13+ [4]. Market Data - The report includes various market data points, such as the S&P 500 closing at 5,282.70, and the USD/JPY exchange rate at 142.410 [4].