短期内国债期货震荡为主

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Today, Treasury bond futures oscillated and declined. Based on the macro - economic data for August, credit data was weak, the marginal growth rate of consumption slowed, and inflation data was weak. Expectations for stable demand from macro - policies in the fourth quarter are rising. The Fed cut interest rates by 25BP as expected, shifting its focus from "controlling inflation" to "stabilizing employment". The shift to a loose external monetary environment reduces constraints on the RMB exchange rate, and there are still expectations for an overall interest - rate cut in the fourth quarter, but the possibility of an immediate cut is low. After the continuous rebound from the previous bottom, the implied interest - rate cut expectation is already reflected, so the short - term rebound space is limited. In general, Treasury bond futures face both upward pressure and downward support, and will mainly oscillate in the short term [1] Group 3: Summary of Relevant Catalogs Industry News - On September 18, the People's Bank of China conducted 487 billion yuan of reverse repurchase operations with a 7 - day term at a fixed - rate and quantity - tender method, with an operating rate of 1.40%, unchanged from the previous time. According to previous announcements, 292 billion yuan of reverse repurchases matured on the same day, resulting in a net injection of 195 billion yuan through reverse repurchases [3]