路透调查显示，预计加拿大央行7月30日将维持隔夜利率在2.75%不变。 ...

Group 1: Market Overview - During the tax period from July 14-18, liquidity tightened significantly, with overnight rates jumping approximately 10 basis points on the first day of the tax period, reaching 1.57% and 1.53% for R001 and DR001 respectively[1] - The central bank increased reverse repo operations, with daily net injections exceeding 300 billion, leading to a gradual recovery in market sentiment and a return of overnight rates below 1.5%[1] - By July 18, overnight rates settled at 1.49% and 1.46% for R001 and DR001, while 7-day rates approached 1.50%[1] Group 2: Future Outlook - The central bank's supportive stance suggests that liquidity is unlikely to experience significant fluctuations, with overnight rates expected to return to around 1.4% and 7-day rates fluctuating around 1.50%[2] - A total of over 20 trillion yuan in public market maturities is expected next week, including 17,268 billion yuan in reverse repos and 2,000 billion yuan in MLF maturities[2] - The upcoming week will see a significant amount of certificates of deposit maturing, with a total of 10,699 billion yuan, but the impact on liquidity is expected to be limited due to manageable bank liabilities[2] Group 3: Public Market and Government Bonds - From July 14-18, the central bank's net injection in the public market was 12,011 billion yuan, with reverse repos contributing 13,011 billion yuan[3] - Government bond net payments are projected to decrease to 2,399 billion yuan for the week of July 21-25, with a notable increase in local government bond payments[5] - The issuance of government bonds is set to rise significantly, with planned issuance of 7,508 billion yuan, including 3,750 billion yuan in national bonds and 3,758 billion yuan in local bonds[5] Group 4: Interbank Certificates of Deposit - The weighted issuance rate for interbank certificates of deposit rose to 1.62%, reflecting a 1 basis point increase from the previous week[6] - The pressure from maturing certificates of deposit is expected to rise, with 10,699 billion yuan maturing in the week of July 21-25, marking a relative high for the year[6] - The overall market for certificates of deposit is showing signs of tightening, with a decrease in the proportion of longer-term issuances[6]

Core Viewpoint - The demand for U.S. Treasury securities is strong both domestically and internationally [1] Group 1: Demand for U.S. Debt - There is significant demand for U.S. Treasury securities from both domestic and international investors [1] - The 2-year Treasury indicates that overnight rates are too high [1] Group 2: Debt Management - The debt management process is described as "orderly" [1] - Concerns regarding the debt ceiling issue are expected to diminish later [1] Group 3: Federal Reserve Commentary - The Federal Reserve Committee appears to be somewhat "off track" in its judgments [1]

美国财长贝森特：两年期国债显示隔夜利率过高。 ...

Core Viewpoint - Despite the increase in central bank repurchase funds to 1 trillion lira this week, it is expected that Turkey's overnight interest rate will remain at 49% [1] Group 1 - The central bank's repurchase funds have increased significantly to 1 trillion lira [1] - The overnight interest rate in Turkey is projected to stay at 49% despite the liquidity measures [1]