[Baosheng: The flattening of the US bond yield curve indicates the strengthening of the credibility of the Federal Reserve] On September 22, Jinshi Data, Afonso Borges, a fixed income analyst of Baosheng Group, pointed out in a report that after the Federal Reserve made the "obviously hawkish" interest rate resolution last week, the US bond yield curve flattens, which indicates that the strengthening of the credibility of the Federal Reserve is inhibiting the long-term yield. Borges stated that this phenomenon supports Baosheng Group's strategy of preferring medium duration assets. He pointed out, "Unlike the typical interest rate hike cycle after the global financial crisis, last week's decision was not dovish." Borges added that previously betting on a steepening yield curve was the main way for the market to express concerns about institutional credibility, and now the reversal of this trend indicates that the willingness of the Federal Reserve to tighten policy has eased these concerns. For the investment portfolio, this supports our position of overbooking duration, with a focus on medium term bonds