Core Viewpoint - The article highlights that U.S. Treasury yields have slightly narrowed due to Powell's reiteration of the Federal Reserve's patient approach towards interest rates [1] Group 1 - The Federal Reserve is maintaining a patient stance on interest rates, which influences market expectations [1] - U.S. Treasury yields are responding to the Fed's communication, indicating a potential stabilization in the bond market [1]

Core Viewpoint - US Treasury yields slightly narrowed their gains after Federal Reserve Chairman Jerome Powell reiterated a patient stance on interest rates [1] Group 1 - The statement from the Federal Reserve Chairman indicates a commitment to maintaining current interest rates for the foreseeable future [1] - The market's reaction to the Fed's stance reflects investor sentiment regarding future economic conditions and monetary policy [1]

固定收益 | 证券研究报告 — 深度报告 2025 年 7 月 1 日 相关研究报告 《如何看待美债利率回落》20231105 《如何看待美债长期利率触顶》20231122 《"平坦化"存款降息》20231217 《房贷利率仍是长期利率焦点》20240225 《利率债与房地产的均衡分析》20240331 《新旧动能与利率定价》20240407 《美联储能否实现"软着陆"?》20240602 《美国经济看点：AI 浪潮与家庭债务》20241103 《特朗普交易：预期与预期之外》20241124 《低通胀惯性仍是主要矛盾》20250105 《如何看待美国通胀形势》20250119 《DeepSeek，DOGE，贸易摩擦》20250209 《美国的赤字、储蓄率与利率》20250216 《AI、黄金与美债》20250302 《"以股看债"或成重要思路》20250309 《美联储如期放缓"缩减"》20250321 《美国经济：失速还是滞胀？》20250330 《美债成为贸易摩擦焦点》20250413 《欧债对美债的替代性》20250420 《贸易摩擦将迎关键数据》20250427 《为外部经济降温做好准备——央行 5 ...

Group 1 - The core point of the article is that the yield on the UK's 30-year government bonds continues to decline, dropping by 9 basis points to 5.193% [1]

Core Viewpoint - UBS has lowered its forecast for the 10-year U.S. Treasury yield to 4.10% due to a weakening outlook for the U.S. labor market [1] Group 1: Yield Forecast - UBS revised the 10-year Treasury yield expectation down from 4.20% to 4.10%, with a stop-loss level set at 4.40% [1] - The firm anticipates that if upcoming U.S. employment data is weak, including initial jobless claims and non-farm payroll data, Treasury yields may decline [1] Group 2: Market Insights - UBS is betting on a steepening of the U.S. Treasury yield curve, indicating an expansion in the difference between short-term and long-term yields [1] - Tradeweb data shows the latest 10-year U.S. Treasury yield at 4.199%, having previously reached a two-month low of 4.191% [1]

Group 1 - The core argument of the report is that tariffs are not a zero-sum game and have significant implications for U.S. Treasury securities and the U.S. dollar, with a focus on the broader economic impact rather than just the immediate costs to producers and consumers [1][2] - Tariffs paid by U.S. importers are projected to amount to $327 billion annually, which represents 1% of the nominal GDP for 2025 [2][6] - If companies fully absorb the tariff costs, profit margins could drop from 13.8% to 11.7% in Q1 2025, significantly below the 15-year moving average of 12.2% [2][12] Group 2 - The report highlights that if 75% of the tariffs are passed on to consumers, profit margins could exceed the 15-year moving average by 1.1 percentage points [12][13] - The analysis indicates that the current economic environment is leaning towards downside risks, with a noted decline in air passenger traffic compared to previous years [17] - The report suggests that despite some foreign investors increasing their holdings in U.S. stocks, there is a notable trend of U.S. domestic investors reducing their exposure, indicating a potential reallocation of assets [34][36]

英国十年期国债收益率下降约6个基点，至4.427%，为五月以来的最低水平。 ...

智通财经7月1日电，英国10年期公债收益率亦触及5月2日以来最低，下跌约6个基点至4.427%。 ...

德国国债随其他债券上涨；10年期收益率下跌6个基点至2.55%。 ...

Group 1 - The yield on UK two-year government bonds fell by approximately 5 basis points to 3.772%, marking the lowest level since May [1]