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1. Macro Market Environment & Risk Sentiment Overview
1.1 Yield Curve and Yield & Liquidity Expectations & Central Bank Expectations
US Treasury 10Y (Recent Value): About 4.16%–4.17% (Recent Quotation/Weekly Range), still fluctuating in the range of 4.10%–4.20%, with the curve influenced by short-end operations and inflation expectations. FRED
US Treasury 2Y (Recent Value): About 3.48%–3.54% (Short-end maintained at ~3.5%), short-end highly sensitive to Fed/NY Fed tools and overnight liquidity. http://Investing.com
Liquidity / Central Bank Operations: The New York Fed has initiated Reserve Management Purchases (RMP) according to the Implementation Note (approximately $40bn short-term bond purchases in the first month, starting December 12), with the market viewing RMP as a key operation for "short-end reserve management" (characterized as technical short-term bond purchases, rather than traditional long-term QE). New York Federal Reserve Bank +1