Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of TL2512 is volatile, the medium - term view is volatile, and the intraday view is weakly volatile, with an overall view of volatility. The core logic is that there is still a long - term expectation of interest rate cuts, but the possibility of a short - term comprehensive interest rate cut is low [1]. - For the TL, T, TF, and TS varieties, the intraday view is weakly volatile, the medium - term view is volatile, and the reference view is volatile. The overall situation of treasury bond futures is that there is pressure above and support below, and they will mainly be in a volatile consolidation in the short term [5]. Group 3: Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2512 variety, the short - term, medium - term, and overall views are volatile, and the intraday view is weakly volatile. The core logic is that the long - term expectation of interest rate cuts remains, while the short - term possibility of a comprehensive interest rate cut is low [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, treasury bond futures were all volatile and declined. According to the macro - economic data in August, credit data was weak, the marginal consumption growth rate decreased, and inflation data was weak, increasing the expectation of stable demand from macro - policies in the fourth quarter. The Fed cut interest rates by 25BP as expected, shifting its focus from "controlling inflation" to "stabilizing employment". The external monetary environment turning loose weakens the constraints on the RMB exchange rate, and the expectation of a comprehensive interest rate cut in the fourth quarter still exists. However, the short - term possibility of a comprehensive interest rate cut is low. As treasury bond futures have rebounded from the previous bottom, the implied expectation of interest rate cuts has been reflected, and the short - term rebound space is limited [5].