日本2年期国债收益率升至0.931%，为2008年6月以来最高；日本5年期国债收益率涨逾2%、日本20年期 国债收益率涨近1%。 （文章来源：第一财经） ...

来源：久期财经 久期财经讯，9月19日，据悉，美国总统特朗普周四将解雇美联储理事库克的法律斗争升级至最高法院，寻求推翻下级法院阻止其解职决定的裁 定。库克方面则强烈反对，警告若她被立即免职，将扰乱金融市场并冲击美联储独立性。 特朗普此举发生在美联储刚刚于9月政策会议上宣布降息25个基点后的一天。库克在会议上投票支持降息，继续履行理事职责。她的律师团队指 出，特朗普直到美联储议息会议结束后才向最高法院提出紧急请求，是为了避免在会议前夕激起金融市场混乱。 库克律师在文件中写道："批准总统的紧急请求将颠覆当前现状，破坏美联储历来保持的独立性，并扰乱美国经济。库克理事一直在正常履职，包 括本周参与了联邦公开市场委员会(FOMC)会议。" 本案是美联储111年历史上首次涉及理事"有因免职"。如果特朗普成功解职库克并任命继任者，他将在七位美联储理事中控制四席，获得多数席 位，从而深度影响货币政策走向。此外，市场也在密切关注最高法院的动向。若库克被突然免职，或导致市场波动加剧，美元、美债及股市短期 面临不确定性冲击。 热点消息 弘阳地产(01996.HK)发布公告，由于若干债权人需要额外时间完成彼等加入重组支持协议的内部程 ...

Group 1 - The core viewpoint of the article highlights the recent movements in German government bond yields, indicating a notable increase following a period of decline [1] - The 10-year German bond yield rose by 2.2 basis points to 2.748%, with a cumulative increase of 3.2 basis points for the week [1] - The 2-year German bond yield increased by 1.2 basis points to 2.023%, showing a weekly rise of 0.5 basis points and trading within a range of 1.988%-2.027% [1] - The 30-year German bond yield saw a rise of 2.7 basis points, reaching 3.337% [1] - The yield spread between the 2-year and 10-year German bonds increased by 1.030 basis points to +72.090 basis points, with a cumulative rise of 2.576 basis points for the week [1] - The rebound in yields followed the Federal Reserve's announcement of interest rate cuts on September 17 [1]

Report Overview - Report Title: Treasury Bond Derivatives Weekly Report - Report Date: September 19, 2025 - Author: Xu Liang Z0002220 - Reviewer: Tang Yun Z0002422 Report Key Points Industry Investment Rating - Not provided Core Viewpoint - The Fed's 25 - basis - point rate cut and market expectations of more rate cuts have boosted Treasury bond futures prices, reflecting an increased expectation of loose policies. Traders expect the Fed to cut rates by nearly 50 basis points in the October and December meetings, which supports Treasury bond futures [3]. Section Summaries Factors Affecting Treasury Bonds - **Likely Positive Factors**: The Fed's 25 - basis - point rate cut and market expectations of more rate cuts drive up Treasury bond futures prices. The 10 - year Treasury bond yield dropped 1.56 basis points last week, indicating a rising price trend [3]. - **Likely Negative Factors**: The two - year US Treasury bond yield rose 4.44 basis points, reflecting short - term interest - rate pressure or yield - curve changes. The market's reaction is weaker than last year despite positive fundamentals, suggesting adverse external factors or sentiment [3]. Data Presentations - **Yield and Interest Rates**: Data on 2Y, 5Y, 10Y, 30Y, and 7Y Treasury bond yields, deposit - type institutional pledged - repo weighted rates, and reverse - repo rates are presented [4]. - **Term Spreads**: Information on the term spreads of 7Y - 2Y and 30Y - 7Y Treasury bonds is provided [4]. - **Positions and Trading Volumes**: Data on Treasury bond futures positions and trading volumes for 2 - year, 5 - year, 10 - year, and 30 - year contracts are shown [6][7]. - **Basis and Spread**: Data on the basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures' current - quarter contracts, as well as the inter - quarter spreads of these contracts and cross - variety spreads, are presented [8][9][13][16][17][19]

每经AI快讯，9月19日，30年期日本国债收益率跌3个基点至3.160%。 ...

每经AI快讯，9月19日，20年期日本国债收益率降0.5个基点至2.62%。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since Q3 this year, the bond market has adjusted significantly, but the decline in the duration of public - offering bond funds is not obvious. It is expected that public - offering bond funds will maintain a moderately high duration level, with the 10 - year Treasury yield oscillating in the range of 1.7% - 1.8%. As the correlation between stocks and bonds weakens and fundamental pressure rises, the bond market environment in the fourth quarter is expected to be better than that in the third quarter [2][8] 3. Summary According to the Directory 3.1 Third - quarter Bond Market Adjustment with No Obvious Decline in Bond Fund Duration - In the third - quarter bond market adjustment, the decline in the duration of bond funds was not obvious. For example, in Q1, the 10 - year Treasury yield rose from about 1.6% in early February to nearly 1.9% in mid - March, and the median duration of the whole - market bond funds dropped from a high of 3 years to about 2.1 years. However, as of September 17, the median duration of public - offering bond funds remained at about 2.5 years, and the median duration of medium - and long - term interest - rate bond funds remained at about 3.1 years [5][14] 3.2 Four Reasons Why Bond Fund Duration is Difficult to Decrease - **Mild Adjustment and Multiple Repairs**: Compared with the Q1 adjustment, the Q3 bond market adjustment was relatively mild, with multiple repairs during the period and did not reach the short - term stop - loss lines of some funds. The adjustment range of the 10 - year Treasury active bond yield since Q3 was less than 20bps, and the adjustment lasted nearly a quarter. In contrast, in Q1, the 10 - year Treasury yield rose about 30bps in more than a month [8][17] - **Performance Assessment and Market Expectations**: The bond market has been volatile this year, especially the performance of bond funds focusing on the duration strategy was significantly weaker than last year. As the fourth quarter is a traditional window for bond market pre -emption and repair, from the perspective of achieving the annual performance assessment, bond funds may not significantly reduce their duration. As of September 14, the median yield of the whole - market bond funds this year was 1.21%, significantly lower than last year's 3.78% [8][26] - **Limited Strategy Options in a Low - interest - rate Environment**: The current bond market is in a low - interest - rate environment, with limited market strategy capacity and options. Public - offering funds have to extend the duration to obtain coupons. Institutions such as wealth management and bank self - operation also have a demand for long - duration bond allocations. As of August this year, the net financing proportion of long - term credit bonds rose to about 33%, a record high [8][33] - **Lack of Massive Redemption Pressure**: Institutions usually conduct continuous and large - scale redemptions of long - term bonds only when the bond market shows obvious "negative feedback" characteristics. A normal market adjustment of general amplitude may not trigger large - scale redemptions and re - allocation of redeemed assets. The current bond market is slowly oscillating and correcting, without triggering widespread market panic [8][34]

Group 1 - The US dollar continues to rebound, with the AUD/USD exchange rate slightly declining to 0.6609, down 0.05%, indicating low trading activity ahead of significant upcoming events [1] - US Treasury yields have collectively risen, with the 10-year yield increasing by 3.2 basis points to 4.108%, marking the first consecutive rise since early September and the largest two-day increase in a month [1] - A report from the US Labor Department showed that initial jobless claims fell by 33,000 to 231,000, significantly below economists' expectations of 240,000, reversing the previous week's surge [1] - The Philadelphia Fed manufacturing index for September rose to 23.2, well above the expected 2.5 and the previous value of -0.3, indicating a strong recovery in factory output despite a decline in price indicators [1] Group 2 - The Reserve Bank of Australia (RBA) Chairman will speak in the House of Representatives on Monday, and the August CPI data will be released on Wednesday, which is the last CPI data before the RBA's interest rate decision on September 30 [2] - The short-term support area for the AUD/USD exchange rate is near the lower Bollinger Band around 0.6590-95, with resistance levels at 0.69435 [2]

每经AI快讯，9月19日，日本2年期国债收益率升至0.885%，为2008年6月以来的最高水平。 ...

每经AI快讯，9月18日，印尼5年期国债收益率下降5个基点，降至2022年3月以来的最低水平。 ...