QCP: Global Asset Volatility Decreases, US Treasury Yields Decline

QCP released a briefing indicating that global financial markets have entered a period of calm, with volatility across most asset classes continuing to decline and the market's reaction to negative news weakening. U.S. Treasury yields fell after last week's "Pretty Act" sparked fiscal concerns, with 10-year and 30-year Treasury yields dropping below 4.5% and 5.0%, respectively. Japanese 30-year government bond yields also fell below 3%, although they remain at historical highs. The market's focus has shifted to the U.S. Treasury auctions in June and the Japanese Ministry of Finance's issuance of 40-year bonds today. The current economy is in a "moderate" state, and the impact of last month's tariff policy has not yet fully manifested, expected to be reflected in the data in the third quarter. Meanwhile, Senator Lummis's broad remarks on stablecoins and Bitcoin strategic reserves have reignited hopes for progress in cryptocurrency policy. It is reported that Trump Media plans to raise $2.5 billion and join the ranks of companies establishing Bitcoin reserves. If the meeting gains momentum, more companies may follow suit, providing new structural buying for the market.