CICC: The U.S. Bond Market May Continue to Maintain a Wide Range of Volatility

The research report of CICC pointed out that last week, the 10-year U.S. bond rate once again stood at 4%, returning to the high point before Silicon Valley Bank in March this year, which aroused market attention, especially considering the relatively high valuation of U.S. technology stocks, Hong Kong stocks and the RMB exchange rate continued to be under pressure.
In the short term, we suggest that the market may continue to maintain a wide range of shocks.
However, if the short-term U.S. debt soars, it may provide a better opportunity to intervene again, because the overall and core inflation may return to 3% by the end of the third quarter, the effect of tight credit will begin to appear, and the increase in recession pressure at the end of the year will make the Fed further accelerate the possibility of raising interest rates Sex is on the decline.