每日债市速递 | 美联储戴利：年内有望降息两次

Open Market Operations - The central bank conducted a reverse repurchase operation of 291.1 billion yuan for 7-day terms on May 30, with a fixed interest rate of 1.40%, resulting in a net injection of 148.6 billion yuan for the day after accounting for 142.5 billion yuan in reverse repos maturing [1][2]. Liquidity Conditions - Liquidity remains ample, with overnight weighted rates for deposit institutions below 1.5%. Non-bank institutions saw overnight borrowing rates initially rise above 1.8% but later settle around 1.6%. Shibor rates showed mixed performance, with overnight rates up 6.0 basis points to 1.471%, while 7-day rates rose 1.5 basis points to 1.617% [3][4]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.70% [7]. Government Bond Futures - The closing prices for government bond futures showed increases: 30-year contracts rose by 0.56%, 10-year by 0.21%, 5-year by 0.14%, and 2-year by 0.04% [11]. Key Financial Events - The 2025 Lujiazui Forum is scheduled for June 18-19, where major financial policies will be announced by leaders from various financial regulatory bodies [12]. - The Ministry of Housing, Ministry of Finance, and the People's Bank of China reported that over 1.3 trillion yuan in housing provident fund loans were issued last year, with total contributions reaching 36,317.83 billion yuan [12]. Global Macro Developments - The U.S. overnight financing rate is currently at 4.33% [4]. - The Federal Reserve's Daly indicated the possibility of two interest rate cuts within the year, while the Bank of Japan faces record losses on government bonds [16].