John Briggs, head of US interest rate strategy at the North American branch of the French Foreign Trade Bank, said that the market's focus is on the unemployment rate, which has risen to 4.6%, the highest level since 2021. As the US unemployment rate rose above expectations in November, this strengthened the market's expectations that the Federal Reserve will cut interest rates further in 2026, and the price of US Treasury bonds rose slightly. US bond yields for all maturities fell briefly. Among them, the policy-sensitive two-year yield once fell 5 basis points to 3.45%, a new low since October 24. The 10-year yield fell 4 basis points to 4.14%. Subsequently, the yield narrowed its decline and basically returned to the previous level. Regarding the Federal Reserve's policy decision in January next year, the swap contract pricing linked to the meeting results shows that the market expects an easing margin of about 5 basis points, that is, the probability of cutting interest rates by 25 basis points is about 20%. By mid-2026, interest rate cuts have been fully priced.

John Briggs, head of US interest rate strategy at the North American branch of the French Foreign Trade Bank, said that the market's focus is on the unemployment rate, which has risen to 4.6%, the highest level since 2021. As the US unemployment rate rose above expectations in November, this strengthened the market's expectations that the Federal Reserve will cut interest rates further in 2026, and the price of US Treasury bonds rose slightly. US bond yields for all maturities fell briefly. Among them, the policy-sensitive two-year yield once fell 5 basis points to 3.45%, a new low since October 24. The 10-year yield fell 4 basis points to 4.14%. Subsequently, the yield narrowed its decline and basically returned to the previous level. Regarding the Federal Reserve's policy decision in January next year, the swap contract pricing linked to the meeting results shows that the market expects an easing margin of about 5 basis points, that is, the probability of cutting interest rates by 25 basis points is about 20%. By mid-2026, interest rate cuts have been fully priced.