Long and short factors are intertwined and fermented, and the bond market continues to fluctuate before the festival

On January 23rd, in the last full trading week before the Spring Festival, under the triple effect of "a large number of reverse repos due + an increase in demand for cash withdrawal during the Spring Festival + an increase in the scale of government bond payment", the pressure on the capital side is not small, corresponding to the fluctuation of bond market yields. However, most institutions still expressed optimistic views on the performance of the bond market after the holiday. Analysts believe that, driven by loose monetary policy and relatively mild inflation, interest rate bond yields still have further room to decline in the first half of 2025, and it is expected that the low interest rate environment will continue throughout the year.