1. China's trade surplus reached USD 1 trillion in 2024, a year-on-year increase of 21%
2. The inflation panic of 2025 has just begun
3. The proportion of U.S. Treasury bonds held by the Federal Reserve has dropped to 15%, the lowest in five years
4. The yield on Germany's 10-year government bonds continues to rise
5. The term premium on 10-year U.S. Treasuries is currently at a high not seen in over a decade
6. Goldman Sachs: The high price-to-earnings ratios of the seven giants are due to their expected sales growth
7. The overall trade volume between China and the EU grew by only 0.4% in 2024
8. The yield on 10-year U.S. Treasuries may have peaked
9. Goldman Sachs demonstrated how various sectors and styles will change with fluctuations in 10-year bond yields
10. The U.S. inflation breakeven point continues to rise

The proportion of U.S. Treasury bonds held by the Federal Reserve has fallen to a five-year low, while the yield on Germany's 10-year government bonds continues to rise. China's trade surplus is expected to reach USD 1 trillion in 2024, with increasing inflationary pressures. Goldman Sachs pointed out that the high price-to-earnings ratios of the seven giants stem from expected sales growth, while the yield on 10-year U.S. Treasury bonds may have peaked. The U.S. inflation breakeven point is also continuing to rise

- In 2024, China's trade surplus reached $1 trillion, a 21% increase year-on-year.  
- The inflation panic for 2025 is just beginning, while the Federal Reserve's holdings of government bonds have dropped to 15%, the lowest in five years.  
- Additionally, the yield on 10-year U.S. Treasury bonds is at a multi-year high, and Goldman Sachs indicates that high P/E ratios among major companies are due to expected sales growth.

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Goldman Sachs

【vip Chart】The Federal Reserve's holdings of U.S. Treasuries hit a five-year low, while the yield on Germany's 10-year government bonds continues to rise