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2025-09-17 04:30:22
On the eve of the announcement of the Federal Reserve's interest rate decision, various emotions were intertwined in the domestic market. Especially after the August macroeconomic data was released a few days ago, the market had more expectations for the introduction of additional policies to stabilize growth, which supported the strengthening of the treasury bond futures market. The main contract of 10-year treasury bond futures (T2512) closed with four consecutive positive days yesterday. Liu Yu of West China Securities Research Institute believes that the variable that will break the deadlock in the bond market may be the central bank's resumption of bond purchases. Compared with "one-time care" such as lowering the reserve requirement ratio and interest rates, if the central bank's bond purchases can be implemented in a sustainable manner, it may be a greater positive for the bond market and will be more likely to push interest rates back into the downward channel. However, the timing of the central bank's bond purchases is difficult to judge, and it is a safer choice to use this as a signal to make a large position on the right side.
