国债期货：地缘因素降温，国债期货震荡回调

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Today, Treasury bond futures oscillated with a slight decline. Geopolitical risks have eased, and risk - aversion sentiment has subsided. The expectation of future interest rate cuts remains clear, and the downside support for Treasury bonds is relatively solid. However, the possibility of an immediate interest rate cut is low, and the policy effect of the May interest rate cut needs to be verified. In the short term, Treasury bond futures are expected to remain in an oscillatory consolidation [1] Group 3: Summary of Related Catalogs Industry News - On June 24, the central bank conducted 406.5 billion yuan of reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%, the same as before. With 197.3 billion yuan of 7 - day reverse repurchases maturing, a net investment of 209.2 billion yuan was achieved [3]