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1. Macroeconomic Environment & Risk Sentiment Overview
1.1 Yield Curve and Interest Rates & Liquidity Expectations & Central Bank Expectations
• U.S. 10Y Treasury: Current value ≈ 4.18%–4.19% (latest market reference), fluctuating around ~4.14–4.20% during the week. Trading Economics

• U.S. 2Y Treasury: Current value ≈ 3.52%–3.53%, with the short end maintaining around ~3.5%, the curve is relatively flat but still watching for inversion/spread changes. http://Investing.com

• Liquidity / Central Bank Actions: The Federal Reserve has released an Implementation Note and instructed the New York Fed to execute Reserve Management Purchases (RMP): starting short-term bond purchases from 12/12 (first month arrangement totaling about $40bn, gradually announcing monthly/schedule), this is a core variable for recent short-term liquidity and market pricing. Federal Reserve +1