Group 1 - The recent significant downward revision of non-farm payroll data has intensified the Federal Reserve's concerns about economic growth, while the tail risks of inflation are decreasing [1] - The Federal Reserve is expected to shift its focus from inflation to balancing its dual mandate of employment and inflation, with a forecast of three rate cuts totaling 75 basis points starting in September [1] - The current high real yields provide substantial room for the Federal Reserve to lower rates, maintaining a restrictive policy even after three cuts [1] Group 2 - The company maintains a neutral outlook on U.S. Treasuries, investment-grade bonds, and high-yield bonds due to their attractive yields [1] - High-quality bonds are viewed as important tools for portfolio risk diversification, helping to hedge against macro risks arising from economic slowdown [1][6] - Strategies include locking in attractive yields before rate cuts, extending duration preferences due to the highest level of the yield curve spread in three years, and utilizing high-quality bonds to mitigate growth slowdown risks [3][4][6]