🟢 [Media report] Tianfeng Securities research report: Short-term disturbances in the bond market are increasing, but the medium-term bullish logic remains unchanged

Summary:
Tianfeng Securities' research report believes that the current balance of bullish and bearish forces in the bond market is characterized by an increase in short-term disturbance factors while the medium-term bullish logic remains unchanged.

Content summary:

  • Tianfeng Securities' research report sorts out the bullish and bearish forces in the bond market from four dimensions: fundamentals, inflation, monetary policy, and overseas factors.
  • The research report believes that the "weak reality" fundamentals have not undergone a substantive reversal, and the rebound in inflation is mainly driven by external factors.
  • The research report mentions that the monetary policy stance remains moderately accommodative, and the medium-term bullish logic for the bond market remains unchanged.
  • The research report mentions that in the short term, affected by refined control of liquidity conditions and rising trading crowding, the market is more inclined toward a range-bound pattern.
  • The research report mentions that attention still needs to be paid to oil prices, the Federal Reserve, exchange rates, and global liquidity.

Source: Sina Finance · 09-16 08:49 (Beijing time)

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