每经AI快讯，周三（1月28日），美债收益率涨跌不一，2年期美债收益率跌359.64个基点报0.000%，3 年期美债收益率跌0.56个基点报3.640%，5年期美债收益率涨25.90个基点报3.828%，10年期美债收益率 涨0.20个基点报4.243%，30年期美债收益率跌0.31个基点报4.855%。 （文章来源：每日经济新闻） ...

人民财讯1月29日电，美联储维持利率不变后，美债收益率延续涨势，两年期国债收益率上涨2.3个基点 至3.592%。 ...

（文章来源：每日经济新闻） 每经AI快讯，周二（1月27日），美债收益率涨跌不一，2年期美债收益率涨0.64个基点报3.596%，3年 期美债收益率跌0.55个基点报3.646%，5年期美债收益率跌24.80个基点报3.573%，10年期美债收益率涨 2.79个基点报4.243%，30年期美债收益率涨5.60个基点报4.860%。 ...

每经AI快讯，周一（1月26日），美债收益率集体下跌，2年期美债收益率跌0.18个基点报3.588%，3年 期美债收益率跌0.27个基点报3.654%，5年期美债收益率跌0.17个基点报3.819%，10年期美债收益率跌 0.99个基点报4.211%，30年期美债收益率跌2.13个基点报4.801%。 （文章来源：每日经济新闻） ...

Report Industry Investment Rating - The report gives an investment rating of "Underperform" for the US stock market [6] Core Viewpoints - The inflation in the US is moderate and consumer spending remains an important support for economic growth, but the decline in the savings rate may pose pressure on medium - and long - term consumption power [1] - The strong economic growth and stable employment in the US make the market expect the Fed to keep interest rates unchanged in January, with the first rate cut possibly occurring between June and July [2] - The potential large - scale selling of US Treasury bonds by Europe is less likely, and the current market does not have the basis for a sharp rise in yields due to panic selling [3] - The US Treasury bond market is in a multi - factor game, and it is recommended to adopt a "short - duration core + steepening satellite" configuration [4] Summaries by Directory US Macroeconomic and Liquidity - The PCE price index in the US in November was in line with expectations, with the core PCE remaining at a relatively high level but not significantly exceeding expectations, indicating that inflation pressure has eased but is still above the Fed's 2% long - term target [1] - The final annualized quarterly growth rate of the US real GDP in Q3 2025 was revised up to 4.4%, slightly exceeding expectations, and the core PCE remained at 2.9%, higher than the Fed's target [2] - The market expects the Fed to keep interest rates unchanged in January, with a nearly 97% probability of no rate cut, and the first rate cut may be between June and July [2] - Geopolitical risks and concerns about non - US investors' potential reduction of US Treasury bond holdings have pushed up yields across all maturities of US Treasury bonds, and the 10 - year yield has exceeded the high since August last year [4] - The large increase in Japanese government bond yields has also put upward pressure on the long - end of US Treasury bonds [4] - The long - term concern in the US Treasury bond market lies in the US's fiscal situation, with the current budget deficit accounting for about 6% of GDP [4] Exchange Rates - The report provides information on the trends of non - US currencies in the past year and recent changes, as well as the spreads between Chinese and US sovereign bonds, the relationship between the US dollar index and the 10 - year US Treasury bond rate, etc [54][59] Chinese - Issued US Dollar Bonds - It shows the return trends of Chinese - issued US dollar bonds since 2023, classified by level and industry, as well as the yield and spread trends of investment - grade and high - yield Chinese - issued US dollar bonds [64][72] Rating Actions - In the past two weeks, the three major international rating agencies have taken 11 rating adjustment actions on Chinese - issued US dollar bond issuers, including 2 rating revocations, 2 rating upgrades, 2 rating downgrades, and 5 initial ratings [76]

Report Core View - The structural interest rate cut has been implemented, increasing the demand for medium - and long - term bonds. The abundant capital, stable liquidity, and moderate inflation support bond prices. However, the slight decline in Treasury bond yields implies weakening demand, and the rising US Treasury yields increase the pressure of capital outflows. It is recommended to pay attention to the MA60 support level and maintain a wait - and - see position [2] Data Presented 1. Yield and Interest Rate - The report shows the trends of 2Y, 5Y, 10Y, 30Y, and 7Y Treasury bond yields from 2024/04 to 2025/12, the trends of deposit - type institutional pledged repurchase weighted interest rates for 1 - day and 7 - day and 7 - day reverse repurchase rate from 2023/12 to 2025/12, and the trends of 7Y - 2Y and 30Y - 7Y Treasury bond term spreads from 2024/04 to 2025/12 [3] 2. Futures Position and Transaction Volume - The trends of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures positions from 2015/12 to 2025/12 and the trends of their trading volumes from 2024/04 to 2025/12 are presented [5][6] 3. Futures Basis and Spread - The trends of the basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures' current - quarter contracts are shown. Also, the trends of the current - quarter minus next - quarter spreads of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are presented. Additionally, the trends of TS*4 - T and T*3 - TL cross - variety spreads are provided [7][14][16]

Group 1 - The core point of the article is that U.S. Treasury yields have collectively decreased, indicating a potential shift in investor sentiment towards safer assets [1] Group 2 - The 2-year Treasury yield fell by 0.13 basis points to 3.594% [1] - The 3-year Treasury yield decreased by 1.37 basis points to 3.659% [1] - The 5-year Treasury yield dropped by 1.39 basis points to 3.825% [1] - The 10-year Treasury yield declined by 1.57 basis points to 4.225% [1] - The 30-year Treasury yield fell by 1.01 basis points to 4.825% [1]

两年期美债收益率跌1.19个基点，报3.5940%，本周累涨0.79个基点。本周，20年期美债收益率累跌0.12 个基点，30年期美债收益率累跌1.01个基点；三年期美债收益率累涨0.63个基点，五年期美债收益率累 涨0.93个基点，七年期美债收益率累涨0.81个基点。02/10年期美债收益率利差跌0.785个基点，报 +62.910个基点，本周累跌0.336个基点。 格隆汇1月24日｜周五（1月23日）纽约尾盘，美国10年期基准国债收益率跌1.97个基点，报4.2252%， 本周（四个交易日）累计上涨0.23个基点，周一休市之后跳空高开，随后逐步回吐涨幅。 10年期通胀保值国债（TIPS）收益率涨3.00个基点，至1.9113%，本周累涨3.00个基点；两年期TIPS收 益率累跌10.15个基点，至0.9306%，整体持续走低；30年期TIPS收益率累跌2.19个基点，至2.5630%。 ...

Report Overview - The report is a daily data report on platinum and palladium by the Research Institute of Guomao Futures, focusing on price, inventory, and market analysis [2][3] 1. Price Information Domestic Prices - Platinum futures main contract closing price: 633.85 yuan/g, up 0.85% from the previous value [4] - Platinum (99.95%) spot price: 618.5 yuan/g, down 0.56% [4] - Platinum basis (spot - futures): -15.35 yuan/g, up 136.15% [4] - Lithium futures main contract closing price: 483.75 yuan/g, down 0.42% [4] - Lithium (99.95%) spot price: 464.5 yuan/g, down 1.59% [4] - Lithium basis (spot - futures): -19.25 yuan/g, up 39.49% [4] International Prices - London spot platinum: 2468.754 dollars/ounce, up 1.39% [4] - London spot palladium: 1853.585 dollars/ounce, up 0.10% [4] - NYMEX platinum: 2468.9 dollars/ounce, up 1.27% [4] - NYMEX palladium: 1883.5 dollars/ounce, down 0.32% [4] Exchange Rate and Price Differences - Dollar/CNY central parity rate: 7.0019, up 0.01% [4] - Difference between Guangzhou platinum and London platinum: 5.85 yuan/g, down 36.16% [4] - Difference between Guangzhou platinum and NYMEX platinum: 5.81 yuan/g, down 30.76% [4] - Difference between Guangzhou lithium and London palladium: 12.23 yuan/g, down 17.26% [5] - Difference between Guangzhou lithium and NYMEX palladium: 4.62 yuan/g, down 10.77% [5] 2. Ratio and Inventory Information Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.3103, up 0.0165 [5] - London spot platinum/palladium ratio: 1.3319, up 0.0170 [5] Inventory - NYMEX platinum inventory: 675,766 ounces, up 1.71% [5] - NYMEX palladium inventory: 216,266 ounces, down 0.18% [5] Position - NYMEX total platinum position: 78,337, down 0.90% [5] - NYMEX non - commercial net long position of platinum: 18,110, down 2.85% [5] - NYMEX total palladium position: 19,483, up 0.69% [5] - NYMEX non - commercial net long position of palladium: 579, up 111.57% [5] 3. Market Analysis and Strategy Market Analysis - On January 22, platinum and palladium opened lower and then rebounded, narrowing the decline. The PT2606 contract fell 0.92% to 63.85 yuan/g, and the PD2606 contract fell 1.9% to 483.75 yuan/g [6] - At the macro level, the Greenland crisis has eased, weakening market risk - aversion sentiment, which once suppressed platinum and palladium prices. However, due to high market uncertainty and weak US bond yields, there is still support for platinum and palladium prices [6] - Fundamentally, the US has decided to postpone imposing import tariffs on key minerals, alleviating the tariff risk for platinum and palladium. If the tariff risk decreases in the future, platinum and palladium inventories may shift from the US to non - US regions, which may ease the tight spot situation and suppress the upward space of platinum and palladium prices in the short term [6] Strategy - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern. Attention should be paid to changes in New York inventories [6] - In the long term, with a supply - demand gap for platinum and a relatively loose supply for palladium, the strategy can be to unilaterally allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6]

Group 1 - The core viewpoint of the article highlights the movement in U.S. Treasury yields, with most yields increasing on January 22 [1] - The 2-year Treasury yield rose by 2.98 basis points to 3.608% [1] - The 3-year Treasury yield increased by 2.81 basis points to 3.676% [1] - The 5-year Treasury yield went up by 2.47 basis points to 3.844% [1] - The 10-year Treasury yield saw a smaller increase of 0.60 basis points, reaching 4.245% [1] - In contrast, the 30-year Treasury yield decreased by 2.25 basis points to 4.838% [1]