Seasonal tightening of interest rates will not change the bond yields will shock down 姉summer

Seasonal tightening of capital interest rates will not change the bond yields will shock down We want you! The first 2016 China Potter Rockefeller award officially started! Funds, insurance, brokerage and other financial institutions, information management capabilities which is better? Please click [vote], select the strongest institutions in your heart! Original title: funds rate seasonal tightening does not change the bond yields downward shock after the three quarter of the bond market trend is most in line with the "water is the work out measures to suit local conditions," a soldier. The first is to increase the bond allocation in insurance companies and other financial institutions driven by bond yields "ignore" all the negative factors and persistent downward, but the 10 year bond yields are always difficult to break the previous low, even after the release of economic data in the three quarter, bond yields remained unmoved, thus forming a "departure from the basic and the bond market". After entering October, the capital side continued tightening, as of October 27th, the Shibor rate for 8 days across the board, the overnight Shibor reported 2.2540%, the central bank for the 7 consecutive trading days of net invested 760 billion yuan of liquidity is still difficult to ease the upward pressure on the funds rate. Since October 24th, along with rising interest rates in the capital, the middle of the entrainment of the commercial bank’s off balance sheet financial inclusion in the broad sense of credit rumors, bond yields ushered in a substantial upward adjustment. In this regard, the market wide interpretation is: first, the current rise in bond yields is to deviate from the basic pre revision adjustment; second, the convergence behavior of financial institutions financing plus leveraged bond allocation win marginal revenue; thirdly, the funds rate continued to rise and broad liquidity tightening means that the central bank might tend to tighten monetary policy bond yields or reproduce the horror scene in June 2013 money shortage pressure. The correction between bond yields and the fundamentals of departure, we believe the fundamentals such as slow variables is not directly caused bond yields such a drastic adjustment, one must pay attention to the phenomenon is: the prices of commodities and bonds in the southern industrial product price index for the representative of the interest rate in 2016 most of the time are maintained deviation. That is to say, the fundamentals are expected and the bond market fundamentals are expected to rise in commodity prices which contains the deviation has been maintained for half a year long, an asset pricing can deviate temporarily, but can not deviate from the long-term. From the perspective of economic fundamentals, this year, the trend of commodities and bonds need to be re evaluated and explained. We believe that since this week open bond yields drastic adjustment from the behavior of financial institutions in financing plus leveraged funds rate continued upward under the condition of income eroded, between bonds and radical configuration more and more difficult to melt into the capital in the income rate has been significantly deviated from difficult to break before the low limit is gradually expanding to the extreme, and then adjust the triggering mechanism of behavior. However, we do not believe that bond yields ended the downward trend, seasonal tightening of funds rate in 2016 has become the norm, bond yields surged in June interest rates also out of the downward trend of the surge high and sweep forward. But there is no denying the fact that the 6 theory of 2013相关的主题文章: