Securities Times Commentary: Bond market investment "eases fever and cools down", expectation management is the top priority

On August 14th, the front-page commentary of the Securities Times pointed out that recently, the volatility of the bond market has increased significantly. After the regulatory authorities' next warning of risks, market institutions have also taken action to "reduce the fever and cool down" the hot bond market. Since August, bond funds have announced intensive purchase restrictions and "closed their doors to thank investors." Standing at the current point, it is particularly important for all parties involved in the market to do a good job in expectation management. In the short term, due to the rapid influx of funds in the early stage, the central bank pays great attention to the yields of the long end and the ultra-long end, and it is difficult for the bond ROI in the second half of the year to meet the high expectations of investors. In the medium and long term, it is difficult for the domestic interest rate level to rise significantly under the loose monetary policy, and the risk of a sharp decline in the bond market is small. Investors