美国债券巨头品浩：应对未来经济衰退可能更多依赖央行降息 而非财政救助 智通财经6月26日电，美国债券巨头品浩(PIMCO)表示，应对未来经济衰退可能更多依赖央行降息，而 不是财政救助，因为全球公共债务水平过高，限制了各国政府的支出能力。 ...

北京发行5年期其他专项地方债，规模189.9800亿元，发行利率1.5600%，边际倍数1.56倍，倍数预期 2.20。 北京发行2年期保障房专项地方债，规模15.0000亿元，发行利率1.4200%，边际倍数3.28倍，倍数预期 2.59； 北京发行1年期轨交专项地方债，规模0.5700亿元，发行利率1.4100%，边际倍数5.09倍，倍数预期 3.31； ...

债券市场内部出现明显的期限结构调整。20年期国债活跃券收益率近一周下行5.5个基点，50年期下行4.65个基点，较其他期限下行幅度更大。在10年和30年 期债券陷入震荡的背景下，超长期债券的表现引起市场关注。这些期限品种具有更高的票息收益和资本利得潜力，成为机构配置的新焦点。 经济数据疲软强化宽松预期 美国经济指标出现波动为降息预期提供支撑。6月消费者信心指数意外下降5.4点至93，低于经济学家预期。消费者对进口关税上调的经济影响持续焦虑，支 出态度更加谨慎。预计未来一年利率上升的消费者比例升至57%，为2023年10月以来最高水平。 就业市场显现疲软迹象。ADP数据显示私营部门就业增幅创两年来最弱表现，ISM服务业指数意外下滑，该行业自去年6月以来首次出现萎缩。5月零售销售 环比下滑0.9%，低于市场预期，尽管核心零售增长0.4%仍高于预期。 美联储褐皮书显示，最近几周美国经济活动略有下滑，关税和高度不确定性正在对经济产生影响。大多数地区将就业描述为"持平"，普遍提到由于不确定性 导致招聘推迟。所有地区都指出劳动力需求减弱，工资以"适度"速度增长。 美债市场正经历四年来最为陡峭的收益率曲线调整。6月25日， ...

Group 1 - Beijing issued 3-year general local bonds with a scale of 8 billion, an issuance rate of 1.45%, and a marginal multiple of 3.06, exceeding the expected multiple of 1.45 [1] - Beijing issued 5-year general local bonds with a scale of 8.2 billion, an issuance rate of 1.56%, and a marginal multiple of 2.93, slightly below the expected multiple of 1.56 [1] - Beijing issued 7-year general local bonds with a scale of 19.3 billion, an issuance rate of 1.64%, and a marginal multiple of 1.82, lower than the expected multiple of 1.64 [1] - Beijing issued 10-year general local bonds with a scale of 45.5 billion, an issuance rate of 1.69%, and a marginal multiple of 1.16, below the expected multiple of 1.69 [1]

Group 1: Currency Exchange Trends - In May, the RMB exchange rate showed a general strengthening trend due to multiple factors, including a temporary easing of the US-China trade situation [1][2] - The RMB/USD exchange rate fluctuated and rose, breaking the 7.20 mark on May 12, despite a rebound in the dollar index [2] - By the end of May, the RMB exchange rate was recorded at 7.1953, reflecting an overall appreciation of 0.94% for the month [3] Group 2: Market Activity - The interbank foreign exchange market remained stable in May, with an average daily trading volume of $207.29 billion, a year-on-year increase of 12.59% [4] - The average daily trading volume in the RMB foreign exchange market was $158.10 billion, also showing a year-on-year increase of 8.43% [4] - The trading direction in the spot market showed variability, with institutions alternating between net selling and buying, resulting in an average daily net selling of $2.67 million [4] Group 3: Interest Rate Differentials - The interest rate differential between China and the US widened slightly in May, influenced by factors such as US government policies and inflation risks [5] - The 10-year US Treasury yield reached a three-month high of 4.58% before slightly retreating to 4.41% by the end of May [5] - The 10-year China-US bond yield spread ended the month at -274 basis points, widening by 20 basis points compared to the previous month [5] Group 4: Swap Points and Liquidity - The one-year swap points ended May at -2060 basis points, down 107 basis points from the previous month, primarily driven by interest rate factors [6] - The offshore swap points moved in sync with onshore points, with the one-year swap point spread narrowing to -97 basis points, the tightest since March 2023 [7] - Overall, dollar liquidity in the domestic market was relatively loose, with the domestic-offshore dollar overnight interest rate spread turning negative by the end of May [7]

日本30年期国债收益率下跌1.5个基点至2.885%。 ...

Core Viewpoint - Since June, the performance of China's bond yield curve, particularly the ultra-long end, has been impressive, with significant interest from institutions in 20-year and 50-year government bonds, as well as credit bonds with maturities over 20 years [1] Summary by Relevant Categories Bond Market Performance - The yield on 50-year government bonds has decreased by over 9 basis points this month, leading declines across all maturities [1] - The spread between 50-year and 10-year bonds has narrowed significantly, reaching the largest reduction since July 2023 [1] Credit Bonds - The 30-year AAA-rated corporate bond yield fell below 2.2% last week, marking a new record low since 2006 [1] - The performance of ultra-long credit bonds has also been strong, reflecting a favorable market environment [1]

Group 1 - The core point of the article indicates that Japan purchased foreign bonds amounting to 615.5 billion yen for the week ending June 20, which is a decrease from the previously revised value of 1,571.3 billion yen to 1,567.3 billion yen [1]

Core Viewpoint - The U.S. Treasury yields experienced a decline on June 25, with the 10-year benchmark yield falling to 4.2906% and the 2-year yield dropping to 3.7807% [1] Group 1: 10-Year Treasury Yield - The 10-year benchmark Treasury yield decreased by 0.39 basis points, closing at 4.2906% [1] - Intraday trading for the 10-year yield ranged between 4.33% and 4.2749% [1] Group 2: 2-Year Treasury Yield - The 2-year Treasury yield fell by 4.44 basis points, ending at 3.7807% [1] - The 2-year yield was in a downward trend throughout the day, trading between 3.8155% and 3.7664% [1]

美国财政部拍卖700亿美元五年期国债，得标利率3.879%（5月28日为4.071%），投标倍数2.36（前次为 2.39）。 ...