1. Trump: The Federal Reserve is "theoretically" an independent institution.
2. The U.S. Treasury maintains its quarterly refinancing scale unchanged.
3. The U.S. Treasury maintains its debt issuance strategy unchanged.
4. The Treasury will issue RMB 14 billion in government bonds in Hong Kong in February.
5. China Galaxy Securities: Approved to publicly issue subordinated bonds with a total face value not exceeding RMB 20 billion to professional investors.
6. With the auction of RMB 700 billion in ultra-long-term government bonds imminent, Japanese bond prices are under pressure and have slightly declined.
7. The Ministry of Finance plans to issue RMB 40 billion in 2026 book-entry discount (ninth tranche) government bonds.
8. Rising interest rate expectations offset the election benefits, resulting in a flattening yield curve for Japanese government bonds.
9. Unexpectedly strong demand for Japanese government bonds alleviates pre-election selling pressure.
10. Fundamentals drive Japanese government bond yields upward, with inflation normalization and early signs of expansionary fiscal policy resonating.
11. U.S. borrowing pressure is shifting towards the short and medium term, and the term premium faces reassessment. 12. European debt supply reaches its peak, with long-term bonds becoming the focus.
