Core Viewpoint - The U.S. Treasury yields have experienced a downward trend, with significant declines across various maturities, indicating a potential shift in market sentiment regarding inflation and interest rates [1] Group 1: Treasury Yields - The 10-year Treasury yield fell by 4.98 basis points to 4.0483%, with a total decline of 15.77 basis points for the week [1] - The 2-year Treasury yield decreased by 5.45 basis points to 3.4014%, reaching a new low of 3.3951% when the U.S. CPI inflation data was released, with a weekly drop of 9.62 basis points [1] - The 30-year Treasury yield dropped by 3.75 basis points to 4.6953%, accumulating a weekly decline of 15.57 basis points [1] Group 2: Yield Spreads - The yield spread between the 10-year and 2-year Treasuries increased by 0.477 basis points to +64.486 basis points, with a weekly decline of 5.945 basis points [1] Group 3: TIPS Yields - The 10-year Treasury Inflation-Protected Securities (TIPS) yield fell by 2.41 basis points to 1.7551%, with a total weekly decline of 12.25 basis points [1] - The 2-year TIPS yield decreased by 0.59 basis points to 0.7077%, with a weekly drop of 0.25 basis points [1] - The 30-year TIPS yield declined by 1.99 basis points to 2.4636%, accumulating a weekly decline of 12.01 basis points [1]

Group 1 - The U.S. January CPI year-on-year decreased from 2.7% to 2.4%, marking the lowest level since May 2025, with market expectations at 2.5% [1] - The core CPI year-on-year also fell from 2.6% to 2.5%, the lowest since March 2021, aligning with market expectations [1] - Following the CPI data release, the dollar index dropped below 97, and U.S. stock index futures experienced a mild rebound [1] Group 2 - The two-year U.S. Treasury yield fell to approximately 3.4%, the lowest since October of the previous year [1] - U.S. interest rate futures slightly increased the probability of the Federal Reserve easing policies in June to 69%, up from 63% before the CPI data release [1] - The expected rate cut by the Federal Reserve for 2026 rose to 61 basis points, compared to the previous expectation of 58 basis points [1] Group 3 - Gold and silver have experienced significant fluctuations in the current precious metals market, with gold's year-to-date increase shrinking from 25% to 15%, while silver's rise has decreased from over 50% to around 7% [3] - The fundamental difference in investment attributes between gold and silver is highlighted, with gold being a safe-haven asset and silver having a higher industrial demand, leading to greater price volatility [3] - The gold-silver ratio, an important indicator of the relative strength of precious metals, has risen from below 50 at the beginning of the year to 65, indicating increased market risk aversion and a preference for gold over silver [3]

Group 1 - The latest Consumer Price Index (CPI) data from the U.S. Bureau of Labor Statistics indicates a further slowdown in inflation growth, prompting the market to reassess the Federal Reserve's policy path [1] - In January, the overall CPI increased by 0.2% month-on-month, below the market expectation of 0.3%, and the year-on-year growth rate recorded 2.4%, also below the expected 2.5%, marking the smallest increase since May of the previous year [1] - The core CPI, excluding volatile food and energy prices, rose by 0.3% month-on-month, in line with market expectations, while the year-on-year growth rate fell to 2.5%, matching expectations and indicating the slowest growth since March 2021 [1][3] Group 2 - The decline in inflation is primarily attributed to a significant drop in energy prices, with the energy index falling by 1.5% in January, and gasoline prices dropping by 3.2%, alleviating upward pressure on overall inflation data [3] - Housing costs remain a major contributor to inflation, increasing by 0.2% in January, but this increase is relatively mild compared to previous years, providing strong support for the inflation outlook [3] - Current CPI levels suggest that the Federal Reserve is nearing its 2% inflation target, although the market may not price in an earlier rate cut, a slight reduction in terminal rates is deemed reasonable based on current data [3]

Group 1 - The yield on the 10-year U.S. Treasury rose by 0.40 basis points to 4.2469%, reaching a daily low of 4.2310% before rebounding to a high of 4.2747% later in the day [1] - The 2-year Treasury yield increased by 2.35 basis points to 3.6079%, accelerating its rise since 20:00 and hitting a high of 3.6206% at 00:10 [1] - The yield on the 30-year Treasury decreased by 1.64 basis points to 4.8457% [1] Group 2 - The 2/10 year Treasury yield spread fell by 1.548 basis points to +63.881 basis points [1] - The yield on the 10-year Treasury Inflation-Protected Securities (TIPS) rose by 1.90 basis points to 1.8804%, rebounding after the release of the 10-year TIPS auction results [1] - The 2-year TIPS yield increased by 3.53 basis points to 0.9974%, while the 30-year TIPS yield rose by 0.24 basis points to 2.5838% [1]

Core Insights - The two-year U.S. Treasury yield rose sharply, increasing by over 6.2 basis points this week, closing at 3.5945% [1] - The 10-year Treasury yield also saw an increase of 5.75 basis points, closing at 4.2269%, with a weekly rise of 5.96 basis points [1] - The 30-year Treasury yield increased by 3.96 basis points, closing at 4.8355%, with a weekly rise of 2.24 basis points [1] Treasury Yield Movements - The yield spread between the 2-year and 10-year Treasury notes increased by 2.723 basis points to +62.833 basis points, with a weekly decline of 0.285 basis points [1] - The 10-year Treasury Inflation-Protected Securities (TIPS) yield rose by 2.16 basis points this week to 1.8813% [1] - The two-year TIPS yield increased by 0.62 basis points to 1.0411%, while the 30-year TIPS yield rose by 0.41 basis points to 2.5822% [1]

Group 1 - The two-year U.S. Treasury yield rose rapidly, increasing by 6.24 basis points this week, with a final rate of 3.5945% [1] - The ten-year Treasury yield increased by 5.96 basis points this week, reaching 4.2269% [1] - The thirty-year Treasury yield saw a rise of 2.24 basis points this week, ending at 4.8355% [1] Group 2 - The yield spread between the two-year and ten-year Treasury notes increased by 2.723 basis points, totaling +62.833 basis points, with a weekly decline of 0.285 basis points [2] - The ten-year Treasury Inflation-Protected Securities (TIPS) yield rose by 2.16 basis points this week, reaching 1.8813% [2] - The two-year TIPS yield increased by 0.62 basis points this week, totaling 1.0411% [2]

Group 1 - The yield on the 10-year U.S. Treasury rose by 5.75 basis points to 4.2269%, with a cumulative increase of 5.96 basis points for the week [1] - The 2-year U.S. Treasury yield increased by 3.03 basis points to 3.5945%, with a weekly rise of 6.24 basis points following President Trump's comments on the likelihood of White House advisor Hassett becoming the Federal Reserve Chairman [1] - The 30-year U.S. Treasury yield climbed by 3.96 basis points to 4.8355%, with a total weekly increase of 2.24 basis points [1] Group 2 - The yield spread between the 2-year and 10-year U.S. Treasuries increased by 2.723 basis points to +62.833 basis points, with a weekly decline of 0.285 basis points [1] - The yield on the 10-year Treasury Inflation-Protected Securities (TIPS) rose by 2.16 basis points to 1.8813% for the week [1] - The 2-year TIPS yield increased by 0.62 basis points to 1.0411%, while the 30-year TIPS yield rose by 0.41 basis points to 2.5822% [1]

Group 1 - Spot gold experienced a daily decline of 1.5%, trading at $4546.43 per ounce [1] - The S&P 500 index fell by 0.18%, while the Nasdaq dropped by 0.2%, and the semiconductor index's gains narrowed to 0.8% [1] - The two-year U.S. Treasury yield increased by 2.6 basis points, reaching a daily high above 3.59% [1] - The U.S. dollar index rebounded from below 99.20 points, returning to the 99.33 level [1] - Trump expressed a desire for Hassett to continue serving as a White House advisor [1]

Group 1 - The core viewpoint of the article highlights the fluctuations in U.S. Treasury yields, with the 10-year yield rising by 3.15 basis points to 4.1635% during the trading session [1] - The 2-year Treasury yield increased by 5.24 basis points, reaching 3.5620%, with a notable short-term rally observed at 21:30 Beijing time [1] - The 30-year Treasury yield saw a modest rise of 0.71 basis points, closing at 4.7909% [1] Group 2 - The yield spread between the 2-year and 10-year Treasury notes decreased by 1.881 basis points, now at +59.937 basis points [1] - The 10-year Treasury Inflation-Protected Securities (TIPS) yield rose by 2.87 basis points to 1.8426% [1] - The 2-year TIPS yield increased by 5.75 basis points to 1.0582%, while the 30-year TIPS yield saw a slight increase of 0.12 basis points to 2.5527% [1]

Group 1 - The core viewpoint of the article highlights the mixed performance of U.S. Treasury yields at the end of December, with the 10-year benchmark yield rising while the 2-year yield experienced a significant decline throughout the year [1] - The 10-year Treasury yield increased by 4.51 basis points to 4.1670%, with a cumulative decline of 40.2 basis points for 2025, trading within a range of 4.5871%-3.8564% [1] - The 2-year Treasury yield rose by 2.47 basis points to 3.4730%, with an annual cumulative drop of 76.86 basis points, trading between 4.4214%-3.3737% [1] Group 2 - The yield spread between the 2-year and 10-year Treasury notes increased by 1.837 basis points to +68.986 basis points, with a cumulative increase of 36.457 basis points for the year [1] - The 10-year inflation-protected Treasury yield rose by 3.24 basis points to 1.8984%, with an annual cumulative decline of 32.93 basis points [1] - The 10-year Treasury yield reached its annual low on April 4, while the 2-year yield hit its low on October 17 [1]