According to Jinshi, the increase in U.S. retail sales in March exceeded economists' expectations, further undermining investors' confidence that the Federal Reserve will start cutting interest rates this year. Most U.S. Treasury yields climbed to their highest level since the beginning of the year, with the 2-year Treasury yield close to 5% and the 10-year Treasury yield up 10 basis points to 4.62%, the highest level since November 14 last year. Expectations for monetary policy have shifted to the Fed starting to cut interest rates later, with officials saying that rate cuts require a higher degree of confidence that inflation is continuing to rebound toward the 2% target. Traders no longer fully expect rate cuts before November, while at the beginning of this year the market fully priced in rate cuts starting in March.

#美联储