According to online reports, Citi research strategists said in a report that after the U.S. non-farm payrolls data fell below expectations last Friday, its core views on U.S. Treasury bonds remained unchanged. They expect the 5-year and 30-year Treasury yield curves to steeper further, while the Federal Reserve will implement lower interest rates in 2026 and 2027. They pointed out that the risk of a steeper 5/30-year yield curve is that if the 30-year yield rises above 5% in a large sell-off, it may attract a return in demand. Strategists believe the market continues to underestimate the risk that 5-year Treasurys will drive 5/30-year yields sharply steeper. (Jin Shi)