According to Jinshi, State Street Global is optimistic about U.S. Treasuries, believing that the Federal Reserve's policy rate remaining high for a longer period of time may cause greater damage to the world's largest economy. Matthew Steinaway, chief investment officer of global fixed income, said: "We are long U.S. Treasuries, and we are very optimistic about the United States in terms of interest rates. We tend to focus on the middle of the curve, that is, 5-year and 10-year U.S. Treasuries." They expect the Federal Reserve to cut interest rates by 25 basis points in July and then cut interest rates at least twice more in the rest of the year. He said, "At this moment, we don't think value is an entry point for the credit bond market." Spreads between investment-grade and high-yield bonds are at historical lows, and there is not much reason for them to tighten further.