On January 7th, the US Treasury market showed muted reactions to US intervention in Venezuela, with traders focusing more on events including the US nonfarm payroll report for December 2025 to be released on Friday. Since the nonfarm payroll reports for October and November 2025 released after the government shutdown ended last year, bond market investors have been waiting for the US Bureau of Labor Statistics to release a series of clear and reliable labor market data. Strategists at BMO Capital Markets believe that Friday’s employment data may be sufficient to revive investor confidence. Additionally, the US Supreme Court may rule on Friday—the same day as the December nonfarm release—on the legality of Trump’s global tariffs, which could similarly have a certain impact on the market. The US Treasury market on Tuesday approached an important milestone, with the 10-year Treasury yield relative to the 2-year Treasury yield reaching its highest level in nearly 9 months, indicating that traders are betting the Federal Reserve will cut rates in 2026. (Jinshi)
分析：非農データと関税裁定が市場の焦点となり、ベネズエラ事件はただのノイズ
On January 7th, the US Treasury market showed muted reactions to US intervention in Venezuela, with traders focusing more on events including the US nonfarm payroll report for December 2025 to be released on Friday. Since the nonfarm payroll reports for October and November 2025 released after the government shutdown ended last year, bond market investors have been waiting for the US Bureau of Labor Statistics to release a series of clear and reliable labor market data. Strategists at BMO Capital Markets believe that Friday’s employment data may be sufficient to revive investor confidence. Additionally, the US Supreme Court may rule on Friday—the same day as the December nonfarm release—on the legality of Trump’s global tariffs, which could similarly have a certain impact on the market. The US Treasury market on Tuesday approached an important milestone, with the 10-year Treasury yield relative to the 2-year Treasury yield reaching its highest level in nearly 9 months, indicating that traders are betting the Federal Reserve will cut rates in 2026. (Jinshi)