中银国际固定收益周报-20250804
Bank of China Securities·2025-08-04 08:29
Secondary Market Recap US Treasury markets staged a dramatic reversal last week amid a confluence of policy signals and economic data. The Treasury Department's Quarterly Refunding Statement kept issuance steady while modestly boosting long-term bond buyback caps, lending support to the long end of the curve. Meanwhile, Powell's hawkish tone at the July FOMC meeting (see link) weighed on the short end, pushing September rate cut odds down to just 40%. The game-changer came with Friday's disappointing jobs r ...