Zhejiang Merchants Securities: After the implementation of the reduction in reserve requirements and interest rates, there is limited possibility of further monetary policy easing in the short term.

Analysts at Zheshang Securities' fixed income department, including Tan Han, reported that investors' expectations for the second quarter economic outlook have improved. After the implementation of reserve requirement ratio cuts and interest rate reductions, the possibility of further monetary policy easing in the short term is limited. Monetary policy and liquidity remain the core concerns of investors. Looking ahead to June, investors' expectations for the upper and lower limits of long-term treasury yields are concentrated. Long-term treasury yields may exhibit a "ceiling above and floor below" pattern. Market sentiment towards bonds has cooled, with an increase in bearish views, corresponding to a weak and volatile bond market.