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According to Jinse Finance, data from the Bank for International Settlements (BIS) shows that as U.S. President Donald Trump's tariff policies triggered market turmoil, global foreign exchange trading volume soared to a historic high this year, with average daily trading volume reaching $9.5 trillion in April. In its quarterly review released on Monday, the bank cited data from its triennial survey, stating that the impact of tariffs was "substantial," leading to an unexpected depreciation of the U.S. dollar and accounting for more than $1.5 trillion of the average daily over-the-counter trading volume in April. The report shows that overall foreign exchange trading volume increased by more than a quarter compared to the last survey in 2022, surpassing the estimated peak during the market turmoil caused by the pandemic in March 2020. This data is an update based on the preliminary survey results released in September.

Jinse Finance reported that Bank of America strategists, including Yuri Seliger, pointed out that a key risk facing U.S. investment-grade credit bonds next year is that the Federal Reserve's rate cuts may far exceed current expectations, potentially bringing interest rates down to 2%. In a report released on Friday, the strategists wrote that a significant rate cut could push the yield on 10-year U.S. Treasury bonds down to the 3.0%-3.5% range, below the expected 4.25% for 2026. The initial phase of rate cuts will stimulate investor demand for high-grade corporate bonds, as fund managers seek higher yields from long-term corporate debt. However, as yield-sensitive buyers reduce their demand and companies take advantage of low yields to increase financing, especially at the long end, spreads may subsequently widen and the curve will steepen again.