Core Viewpoint - The Federal Reserve's decision to maintain its current stance is deemed correct in light of strong non-farm payroll data, which contrasts with recent weak economic indicators [1] Group 1: Economic Data Analysis - Strong non-farm employment report indicates resilience in the labor market, overshadowing recent weak economic data [1] - Hard data is perceived as more reliable than soft data in the current economic context, suggesting a positive outlook for the economy [1] Group 2: Market Implications - Market changes are leading to a flattening of the yield curve, which may continue as popular steepening trades are unwound [1] - The current market dynamics reflect a shift in investor sentiment and strategy in response to economic data [1]

Core Viewpoint - US Treasury futures prices fell to intraday lows, with 2-year to 5-year Treasury yields rising by more than 10 basis points on the day [1] Summary by Relevant Categories Market Performance - Yields generally increased by 6 to 10 basis points, indicating a trend of rising interest rates [1] - The yield curve flattened, with the 2s10s and 5s30s spreads narrowing by 3 basis points and 4 basis points respectively [1]

美国非农就业数据公布后，美国国债2年期/10年期收益率曲线趋平，利差最新报45.9个基点，数据公布 前为49.1个基点。 ...