美元债双周报（26年第4周）：缘风险与财政隐忧下美债利率升至半年新高-20260126

Report Industry Investment Rating - The investment rating for the US dollar bond market is "Underperform" [1][6] Core Viewpoints - The US economy shows signs of growth, with the Q3 2025 real GDP annualized quarterly growth rate revised up to 4.4%, driven by export growth, reduced negative impacts of inventory changes, and consumer resilience. However, inflation remains sticky, with the core PCE at 2.9%, above the Fed's 2% target. The market expects the Fed to keep rates unchanged in January, with the first rate cut likely in June - July [2] - Geopolitical risks and fiscal concerns have led to an increase in US Treasury yields. The 10 - year yield has exceeded the high since August last year, reaching above 4.3%. The long - term concern lies in the US fiscal situation, with a budget deficit to GDP ratio of about 6% [4] - European pension institutions' consideration of selling US Treasuries has caused market fluctuations, but the actual possibility of large - scale selling is low. The market is currently in a multi - factor game, and it is recommended to adopt a "short - duration core + steepening satellite" configuration [3][4] Summary by Directory US Macroeconomic and Liquidity - The November PCE price index in the US was in line with expectations, with the PCE price index rising 2.8% year - on - year and 0.2% month - on - month. Core PCE also rose 2.8% year - on - year and 0.2% month - on - month. Personal spending remained robust in November, but the savings rate declined, which may pressure long - term consumption [1] - The Q3 2025 real GDP annualized quarterly growth rate was revised up to 4.4%, the fastest in two years. The core PCE remained at 2.9%, above the Fed's target. The market expects the Fed to keep rates unchanged in January, with a nearly 97% probability, and the first rate cut likely in June - July [2] Exchange Rate - No specific content in the provided text directly elaborates on exchange rate analysis, but it is likely related to the impact of US Treasury yield changes on the US dollar index and other non - US currencies [53] Chinese - Issued US Dollar Bonds - The text shows various charts related to the returns, yields, and spreads of Chinese - issued US dollar bonds since 2023, including breakdowns by level and industry [64] Rating Actions - In the past two weeks, the three major international rating agencies took 11 rating actions on Chinese - issued US dollar bond issuers, including 2 rating revocations, 2 upgrades, 2 downgrades, and 5 initial ratings [76]