周五，10年期美国国债收益率跌破4.45%，为两周来最低，因为悲观的经济数据放大了美国债券市场有利发展的影响。最新数据显示，由于对政府支出下降的担忧促使客户停止新订单，美国服务业在2月份意外收缩，标志着该行业两年来一直保持弹性的大幅波动。这些数据有利于人们押注美联储今年将降息，到12月，只有15%的市场预计不会降息。与此同时，财政部表示，在不久的将来不会增加长期证券的份额，从而限制了曲线较长端的证券供应。联邦公开市场委员会会议纪要显示，美联储认为在债务上限动态得到解决之前暂停资产出售可能是合适的，这为可能结束量化紧缩奠定了基础。

The yield on the 10-year US Treasury note fell past 4.45% on Friday, the lowest in two weeks, as pessimistic economic data magnified the impact of favorable developments in the US bond market. Fresh data showed that the US services sector unexpectedly contracted in February as concerns about lower government spending drove clients to halt new orders, marking a sharp swing for the sector that had been resilient for two years. The data favored bets that the Fed is due to lower interest rates this year, with only 15% of the market positioned for no cuts by December. Meanwhile, the Treasury signaled it will not increase the share of longer term securities in the near future, limiting the supply of securities in the longer end of the curve. This compounded support for 10-year notes after FOMC minutes showed that the Fed thinks it may be appropriate to pause asset selling until the resolution of debt ceiling dynamics, setting the stage for a potential end to quantitative tightening.