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Core Viewpoint - The current decline in government bond futures is primarily attributed to the central bank's indication that it may not be the right time for interest rate cuts or reserve requirement ratio reductions, which diminishes expectations for monetary easing [1][2]. Group 1: Market Performance - On March 17, government bond futures closed lower across the board, with the 30-year main contract down 1.81%, the 10-year main contract down 0.56%, the 5-year main contract down 0.26%, and the 2-year main contract down 0.05% [1]. - The long-end government bonds have adjusted to levels seen before the easing expectations in early December of the previous year, indicating a market correction [1]. Group 2: Economic Indicators - The economic data for January and February released recently mostly exceeded expectations, suggesting that the current economic fundamentals are not weak and continue to support the stock market [1]. - The basic support for the bond market is weakening as the central bank continues to withdraw liquidity, leading to higher funding costs [1]. Group 3: Future Outlook - For the bond market to recover, a shift in monetary policy stance is necessary, which may require the emergence of new downside risks in the economy or a weakening of expectations [2]. - Given the current strong economic outlook, the bond market is likely to continue its adjustment in the short term [2].