【笔记20250529— 枉我天天放水，尔等为何砸债？】

Core Viewpoint - The article discusses how market fluctuations are driven by various "expectations," with major expectations leading to trend-driven markets and minor expectations influencing trading activities [1]. Group 1: Market Conditions - The U.S. International Trade Court has halted the implementation of Trump's tariffs, resulting in a rally in overseas risk assets and a strong performance in the stock market [2]. - The bond market showed cautious sentiment, with the 10-year government bond yield opening slightly higher at 1.6875% and peaking at 1.698% before retreating [2]. - The funding environment is described as balanced and slightly loose, with the central bank conducting a 7-day reverse repurchase operation of 266 billion yuan, leading to a net injection of 111.5 billion yuan [1]. Group 2: Fund Flows and Investor Sentiment - There is a noted easing in fund redemptions, which contributed to a decline in interest rates towards the end of the trading day [2]. - The article mentions a humorous inquiry from institutions questioning the bond market's reaction despite the liquidity measures, suggesting a disconnect between market expectations and actual performance [2]. - High-profile analysts, such as Goldman Sachs, indicate that Trump may still have options to appeal the court's decision, which could lead to further volatility in the markets [2].