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1. Macroeconomic Environment & Risk Sentiment Overview
1.1 Interest Rate Curve and Yield & Liquidity Expectations & Central Bank Expectations
• U.S. Treasury 10Y (Current Value): Approximately 4.15% (Market Reference on 12/17, Slight Fluctuation During the Day). http://Investing.com

• U.S. Treasury 2Y (Current Value): Approximately 3.49%–3.50% (Short End Maintains ~3.5%), 2Y/10Y Spread Remains Relatively Narrow. http://Investing.com

• Liquidity / Central Bank Actions: The Federal Reserve/New York Fed has initiated Reserve Management Purchases (RMP) as per Implementation Note, with a total plan of approximately $40bn for short-term bond purchases in the first month to replenish reserves and coordinate with ON-RRP/standing-repo operations—thus short-end liquidity supply has become a core variable in market pricing. New York Federal Reserve Bank +1