【笔记20250606— 中美通话，特马互撕】

Core Viewpoint - The article emphasizes the importance of observing marginal changes in policies rather than focusing on repetitive information, particularly in the context of recent developments in the financial market and international relations [1]. Group 1: Financial Market Overview - The liquidity in the financial market is balanced and slightly loose, with the DR001 rate around 1.41% and DR007 at approximately 1.53% [2]. - The People's Bank of China (PBOC) conducted a 135 billion yuan 7-day reverse repurchase operation, with 291.1 billion yuan of reverse repos maturing, resulting in a net withdrawal of 156.1 billion yuan [1]. - The weighted average rates for various repo codes are as follows: R001 at 1.45% (down 1 bp), R007 at 1.55% (down 2 bp), and R014 at 1.59% (down 1 bp) [3]. Group 2: Market Reactions to International Events - Following the recent phone call between the Chinese and U.S. presidents, there was a slight initial decline in the bond market, with the 10-year government bond yield opening at 1.675% and later fluctuating down to around 1.6675% [4]. - The market sentiment was initially weak but quickly recovered, with the 10-year bond yield stabilizing between 1.65% and 1.70% for nearly a month [4]. - The article notes that the international headlines were overshadowed by a conflict between Trump and Musk, despite the significance of the U.S.-China dialogue [5].