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[Global Yield Spread Scan: US Treasuries Short-Term Pricing is Hawkish, Japanese Bonds Show Significant Advantage] ⑴ As of Wednesday, the yield on the 2-year US Treasury note was 3.798%, lower only than Australia's 4.637% and the UK's 4.251% among major developed economies, and a premium of 123.7 basis points over the 2-year German bond. ⑵ The yield on the 10-year US Treasury note was 4.290%, lower than the UK's 4.719% and Australia's 4.925%, but still 130.5 basis points higher than the 10-year German bond, indicating that the US Treasury yield curve is relatively hawkish in pricing inflation stickiness and policy rate paths. ⑶ Japanese bond yields are at an absolute low in the global yield spread pattern, with a 2-year yield of only 1.390%, 240.8 basis points lower than the US yield, and a 10-year yield of 2.397%, 189.3 basis points lower than the US yield, continuing to constitute a major source of liabilities for carry trades. (4) Institutional analysis points out that with the Iran war pushing up global inflation premiums and shipping disruptions in the Hormuz exacerbating supply chain uncertainty, the relatively firm yields on short-term US Treasury bonds reflect a continued narrowing of market bets on the extent of Fed rate cuts this year. (5) The interest rate spread between core and peripheral European countries remains narrowing. The premium of Italian 10-year bonds over German bonds is only 78.7 basis points, and the premium of French bonds is 64.7 basis points, indicating that the market's pricing of Eurozone sovereign risk premiums has not yet shown significant divergence. (6) It is worth noting that if the situation in the Middle East escalates again, triggering a surge in oil prices, Japanese bond yields may face upward pressure. At that time, a global carry trade unwinding wave may cause temporary disruptions to high-yield currencies and risk assets.