全球固定收益周刊：策略更新

Global Fixed Income Weekly Strategy Update Francis YaredStrategist+44-20-754-54017 This publication is a compilation of key research reports published over the pastweek. Matthew RaskinStrategist+1-212-250-1741 Soniya SadeeshStrategist+44-20-754-73091 Bernd VolkStrategist+41-44-227-3710 Steven Zeng, CFAStrategist+1-212-250-9373 Ioannis SokosStrategist+44-20-754-75680 Gabriele CozziStrategist+44-20-754-17714 Mingyue XinStrategist+44-20-754-10002 Markus HeiderMacro Strategist+44-20-754-52167 Andrew FuStrategist+1-212-250-1743 10 July 2026Global Fixed Income Weekly Table of Contents Bond Market Strategy.........................................................................................................................................................................3Trading (external) positions...........................................................................................................................................................3Macro portfolio update...................................................................................................................................................................7Fixed Income Blog...............................................................................................................................................................................8US CPI market preview...................................................................................................................................................................8Fed Notes............................................................................................................................................................................................13Task force takes: #2 The balance sheet.....................................................................................................................................13Euroland Strategy..............................................................................................................................................................................20EUR STIR and Liquidity Chartbook July 2026.........................................................................................................................20Eurozone and UK Sovereign Issuance: 13th July-17th July................................................................................................21Fixed Income Charts of the Week...................................................................................................................................................22Shifting the policy mix...................................................................................................................................................................23Real steepening on oil...................................................................................................................................................................24Will they spend it all on Gilts?......................................................................................................................................................25Breakdown of money market fund growth this year...............................................................................................................26Covered Bonds and SSA..................................................................................................................................................................27Europ. SSA 69% done-EU 61%-AGFRNC 100%..................................................................................................................27SSA to further outperform Bunds...............................................................................................................................................32EU supply to decline markedly in 2027......................................................................................................................................35EU structurally attractive vs GDP-weighted EGBs..................................................................................................................3919% of central banks to increase CB allocation,......................................................................................................................44Latest Forecasts.................................................................................................................................................................................48 Bond Market Strategy Trading (external) positions Francis Yared| Strategist | +44-20-754-54017Matthew Raskin| Strategist | +1-212-250-1741Steven Zeng, CFA | Strategist | +1-212-250-9373Andrew Fu| Strategist | +1-212-250-1743Ioannis Sokos| Strategist | +44-20-754-75680Markus Heider| Macro Strategist | +44-20-754-52167Soniya Sadeesh| Strategist | +44-20-754-73091Gabriele Cozzi| Strategist | +44-20-754-17714Mingyue Xin| Strategist | +44-20-754-10002 Note:This