Group 1 - US Treasury yields mostly declined on July 21, with the 2-year yield down 3 basis points to 3.85%, the 10-year yield down 6 basis points to 4.38%, and the 30-year yield down over 6 basis points to 4.94% [1] - The yield spread between the 2-year and 10-year Treasury notes narrowed to 53 basis points [1] Group 2 - The Conference Board reported a 0.3% decline in the Leading Economic Index for June, falling to 98.8, which exceeded the Dow Jones forecast of a 0.2% decrease [3] - The Conference Board does not predict a recession but expects significant economic growth slowdown in 2025 compared to 2024, with a projected 1.6% growth in real GDP for this year [3] - Investors are closely monitoring Federal Reserve Chairman Jerome Powell's speech scheduled for Tuesday, as other Fed officials remain silent ahead of the upcoming FOMC meeting [3] Group 3 - The US Treasury issued $155 billion in two bond offerings on July 21, including $82 billion in 13-week bills and $73 billion in 26-week bills, with an additional $80 billion in 6-week bills scheduled for issuance on Tuesday [5]

Group 1 - The latest US PPI data indicates a cooling in wholesale price index for June, with expectations of a 0.2% month-on-month increase and a 2.5% year-on-year increase [1] - Following the PPI release, US Treasury yields declined across all maturities except for the 4-month short-term debt, with the 2-year yield down by 2.3 basis points to 3.936%, the 10-year yield down by 2.6 basis points to 4.463%, and the 30-year yield also down by 2.6 basis points to 4.992% [1] - The Producer Price Index (PPI) for June showed a month-on-month increase of 0.3% and a year-on-year increase of 2.7%, with a notable drop in service prices offsetting the rise in gasoline prices [3] Group 2 - The core PPI, excluding volatile food and energy components, remained flat compared to May, with the annual rate slowing from 3.2% to 2.6% [3] - The UK inflation rate for June reached 3.6%, exceeding expectations, with the core inflation rate rising to 3.7% [4] - In the Asia-Pacific market, long-term Japanese government bonds saw a decline in yields, with the 10-year yield down by 1.7 basis points to 1.573% [4] Group 3 - The US Treasury issued a $65 billion 17-week short-term debt on Wednesday and plans to issue $170 billion in two bond offerings on Thursday, including $90 billion and $80 billion in 4-week and 8-week short-term debts respectively [6]

Economic Data and Market Sentiment - The U.S. Labor Department reported a surprising drop in initial jobless claims to 227,000, below the Dow Jones estimate of 235,000, indicating resilience in the job market [3] - The four-week average of initial claims decreased from 241,500 to 235,500, further supporting the positive employment outlook [3] Treasury Yields - As of the latest close, the 2-year U.S. Treasury yield remained flat at 3.86%, while the 10-year yield increased by 1 basis point to 4.35%, and the 30-year yield decreased by 1 basis point to 4.865% [1] - In the European market, the 10-year German bond yield fell by 0.8 basis points to 2.654%, while the 10-year Italian bond yield rose by 1.1 basis points to 3.593% [5] Trade and Tariff Implications - The Yale Budget Lab estimated that tariffs proposed by Trump could lead to an additional $2,400 in expenses for the average American household this year [3] - There is optimism regarding a potential tariff agreement between the EU and the U.S. to avoid additional import taxes [5] Federal Reserve and Political Dynamics - Criticism of Federal Reserve Chairman Jerome Powell has intensified, with officials suggesting that the administration may be preparing to dismiss him [4] - Analysts warn that Powell's potential dismissal could negatively impact financial markets, as it may signal a loss of independence for the Federal Reserve [4] International Market Trends - In the Asia-Pacific region, Japanese bond yields increased, with the 2-year yield rising by 0.4 basis points to 0.762% [6] - The Bank of England is expected to lower interest rates by 25 basis points in August, reducing the rate from 4.25% to 4.0% [5]

Group 1 - The June non-farm payroll report showed an unexpected resilience in the U.S. job market, which may lead the Federal Reserve to reconsider its decision to cut interest rates in July [1][3] - The U.S. Labor Department reported an increase of 147,000 jobs in June, surpassing the Dow Jones estimate of 110,000 and slightly above the revised figure of 144,000 for May [3] - The unemployment rate fell to 4.1%, the lowest since February, while the broader unemployment rate decreased to 7.7% [3] Group 2 - Average hourly earnings rose by 0.2% month-over-month and 3.7% year-over-year, indicating steady wage growth [3] - The average workweek slightly declined to 34.2 hours, reflecting changes in labor demand [3] - In contrast, the ADP employment report indicated a decrease of 33,000 jobs in the private sector, raising concerns about the labor market's strength [4] Group 3 - U.S. Treasury yields rose following the employment report, with the 2-year yield increasing over 10 basis points to 3.894%, and the 10-year yield rising over 6 basis points to 4.356% [1] - In Europe, bond yields fell as investors bought European government bonds, with the 10-year German bond yield dropping to 3.512% [4] - In the Asia-Pacific region, Japanese bond yields rose, with the 30-year yield increasing by 8.6 basis points to 2.971% [5]

Group 1 - The core viewpoint indicates that the UK bond market experienced fluctuations in yields, with the 10-year bond yield rising by 3.2 basis points to 4.504% while cumulatively dropping by 3.2 basis points over the week [1] - The 2-year UK bond yield increased by 1.2 basis points to 3.839%, with a cumulative decline of 8.0 basis points for the week [1] - The 30-year UK bond yield saw a cumulative increase of 0.3 basis points, indicating a W-shaped reversal, while the 50-year bond yield rose by 3.7 basis points [1] Group 2 - The yield spread between the 2-year and 10-year UK bonds increased by 4.578 basis points, reaching +66.277 basis points [1]

Group 1 - The core viewpoint of the articles indicates that U.S. Treasury yields have shown a slight increase, reflecting unexpected inflation rise as indicated by the Federal Reserve's preferred metrics [1][3] - The 2-year Treasury yield rose by 4.5 basis points to 3.76%, while the 10-year Treasury yield increased by 3.2 basis points to 4.285% [1] - The core inflation rate for May reached 2.7%, exceeding expectations, with economists predicting an overall inflation rate of 2.3% [3] Group 2 - Investors are closely monitoring President Trump's renewed threats against Federal Reserve Chairman Powell [4] - Powell reiterated the Fed's wait-and-see approach regarding interest rates until the impact of tariffs on the economy becomes clearer [5] - In the European market, most government bonds saw a slight increase in yields, with the 10-year German bond yield rising by 1.8 basis points to 2.583% [5] Group 3 - In the Asia-Pacific market, Japanese bond yields increased across the board, with the 10-year yield rising by 3.4 basis points to 1.452% [7] - The U.S. Treasury Department had no bond issuance scheduled for Friday [7]

Group 1 - The U.S. Treasury yields rose across the board, with the 2-year yield increasing by 1.5 basis points to 3.846%, the 10-year yield rising by 3.3 basis points to 4.355%, and the 30-year yield up by 4.3 basis points to 4.902% [1] - Federal Reserve Chairman Jerome Powell is set to present the monetary policy report to Congress, facing pressure from the Trump administration and some Fed officials advocating for interest rate cuts [3][4] - The Federal Open Market Committee has revised its forecast for the core personal consumption expenditures (PCE) inflation rate for Q4 2025 from 2.8% to 3.1%, indicating a potential shift in monetary policy [4] Group 2 - In the European market, German bond yields mostly increased, with the 10-year yield rising by 5.1 basis points to 2.557%, while Italian and French bond yields also saw upward movements [4] - In the Asia-Pacific market, Japanese bond yields generally increased, with the 10-year yield rising by 2.8 basis points to 1.437% [7] - The U.S. Treasury issued a total of $124 billion in two bond offerings, including $55 billion in 6-week bills and $69 billion in 2-year notes [7]

Group 1 - The UK 10-year government bond yield increased by 3.5 basis points, reaching 4.530%, showing a V-shaped upward trend throughout the day [1] - The 2-year UK bond yield rose by 2.1 basis points to 3.909%, exhibiting a W-shaped reversal pattern [1] - The Bank of England announced to hold rates steady, causing yields to drop approximately 2 basis points from above 3.9% [1] Group 2 - The 30-year UK bond yield increased by 3.9 basis points [1] - The 50-year UK bond yield rose by 4.0 basis points [1] - The 2/10 year UK bond yield spread increased by 1.459 basis points, reaching 61.940 basis points [1]

Group 1 - The UK's annual inflation rate for May reached 3.4%, aligning with economists' expectations, leading to a slight decline in UK bond yields and a 0.22% increase in the GBP/USD exchange rate to 1.345 [1] - The Office for National Statistics (ONS) reported that the core inflation rate, excluding volatile items like energy and food, rose to 3.5% in May, down from 3.8% in April [1] - The largest downward contribution to the monthly change in the annual inflation rate came from transportation, while the largest upward contributions were from food, furniture, and household goods [2] Group 2 - The UK Treasury has taken necessary measures to stabilize public finances and control inflation, but acknowledges that more work is needed [2] - The Bank of England is closely monitoring inflation data, with expectations to maintain interest rates steady in the upcoming meeting, but a 25 basis point cut is anticipated in August [2][3] - Earlier this year, the Bank of England projected that the inflation rate would rise to 3.7% in the third quarter before beginning to decline next year [3]

Group 1 - The yield on the UK 10-year government bonds decreased by 1.7 basis points, settling at 4.533% after reaching a daily high of 4.591% earlier [1] - The 2-year UK bond yield fell by 3.4 basis points to 3.906%, having peaked at 3.972% at 15:00 during the European stock market opening [1] - The yields on the 30-year and 50-year UK bonds both declined by 0.6 basis points [1] Group 2 - The yield spread between the 2-year and 10-year UK bonds increased by 1.684 basis points, now at +62.532 basis points [1]