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1. Market macro environment & risk sentiment overview
1.1 Interest rate curve and yield & liquidity expectations & central bank expectations
• U.S. Treasury 10Y: approximately 4.14% (reference for 12/11), slightly down from previous days. Investing.com
• U.S. Treasury 2Y: approximately 3.54% (on 12/11), short end maintains around ~3.5% range. Investing.com
• Central bank actions / liquidity: The Federal Reserve released an Implementation Note, announcing that from 12/11, it will maintain the federal funds target range of 3.50%–3.75%, and will provide clear arrangements for Desk operations (including ON RRP, standing repo, and RMP) (including RRP rates and daily limits, etc.), and plans to begin purchasing approximately $40bn in Treasury bills (RMP) as per the announced schedule starting from 12/12. This is a key point for market short-term liquidity and policy transmission. Federal Reserve +1