摘要
文章分析了2019年全年债市四个阶段的表现特点和驱动因素,指出在利空利多间维持相对均衡下,债市利率整体窄幅震荡;而信用利差则呈现持续单边压缩的走势,目前已处于历史较低水平。短期内通胀和增长背离仍将是债市主要的矛盾和博弈点。未来哪方发展为主导力量,债市将往相应的方向运行。
The article divides the bond market into four stages and analyzes the market performance and driving factors.It pointsout that the bond yields fluctuated within a narrow range as the good and bad news maintained balanced.However,thecredit spread continued to shrink unilaterally and has reached a historically low level.In the short run,the main con flictin the bond market will still be the opposite direction of the in flation and economic growth,while as for the future,thetrend of the bond market depends on which one will develop into the dominant driver.
出处
《中国货币市场》
2019年第12期26-29,共4页
China Money
