两年期德债收益率跌3.5个基点，报1.929%，本周累跌2.0个基点；30年期德债收益率涨1.2个基点，报 3.189%，本周累跌1.8个基点。 2/10年期德债收益率利差涨1.856个基点，报+74.612个基点，本周累跌1.874个基点。 周五（8月1日）欧市尾盘，德国10年期国债收益率跌1.6个基点，报2.679%，北京时间20:30发布美国非 农就业报告后，从日高2.738%附近跳水至2.7%下方，并在22:00发布美国ISM制造业指数后跌至2.639% 刷新日低，本周累计下跌3.9个基点。 ...

数据公布后，美国国债2/10收益率曲线温和趋平，利差报54.9个基点。 ...

Group 1 - The yield curve for U.S. 2-year and 10-year Treasury bonds has steepened, with the spread widening to 60 basis points, marking the largest spread since April of this year [1]

Group 1 - The yield spread between Italian and German 10-year government bonds has decreased by 1 basis point to 87 basis points, potentially reaching the narrowest closing level since 2010 [1] - The yield spread between Italian and French 10-year government bonds has fallen to below 20 basis points, marking the first occurrence since 2007 [1]

Core Viewpoint - The yield spread between French and German 10-year government bonds has widened to 74 basis points, reaching the highest level since April [1] Group 1 - The increase in the yield spread indicates a growing divergence in the perceived credit risk and economic outlook between France and Germany [1] - The current yield spread of 74 basis points reflects market sentiment and investor confidence in the respective economies [1] - This development may influence investment strategies and capital flows within the Eurozone [1]

Core Viewpoint - The yield spread between the 10-year and 30-year U.S. Treasury bonds has increased, indicating a potential steepening of the yield curve, which may not yet present a buying opportunity for long-term bonds [1] Group 1: Yield Spread Analysis - The yield spread between the 10-year and 30-year U.S. Treasury bonds rose by 0.874 basis points, currently reported at +53.196 basis points [1] - The yield spread reached a peak of +54.429 basis points at 15:48 Beijing time, approaching previous highs of +58.328 basis points on October 1, 2021, and +86.817 basis points on February 24 of the same year [1] Group 2: Expert Insights - Jamie Patton, co-head of global rates at TCW, believes the current yield spread is not wide enough to justify purchasing long-term bonds [1] - Patton suggests an overweight position in 2-year and 5-year Treasury bonds, anticipating further steepening of the yield curve [1] - She emphasizes the need for a comprehensive analysis rather than simply reacting to a 5% yield on 30-year bonds, indicating that it remains relatively low compared to other parts of the curve [1]

Core Insights - The yield spread between Italian and German 10-year government bonds has narrowed by 8 basis points, reaching a one-week low [1] Group 1 - The narrowing of the yield spread indicates a potential shift in investor sentiment towards Italian bonds compared to German bonds [1]