Gold Data December 20th, despite the short-term bond market will be affected by policy expectations, occasional supply and demand disturbances, and even market sentiment and other factors; but in the medium and long term, the fundamental factors that determine the bond market trend are still the monetary policy and economic fundamentals, and the latter plays a fundamental role. After many years, the monetary policy has returned to a stance of 'moderate easing', which undoubtedly brings great long-term momentum to the bond market, which also conforms to the general rule that the bond market yield adjusts rapidly in the initial stage of the monetary policy cycle conversion. However, if the short-term excessive 'front-running' trades the loose monetary policy, it may accumulate greater risk of pullback. In addition, although the bond market yield has fallen rapidly since last week, the money market interest rate has been relatively restrained, and the 7-day fund (DR007) interest rate has been inverted with the 10-year government bond yield, indicating that the interest rate bond has been strong. The possibility of a market is increasing. From the perspective of the fund flow in the bond market this week, trading has already appeared.