In the first half of 2022, the bond market as a whole oscillated in a narrow range, and in January, the central bank cut interest rates by 10 BP, and the monetary policy attitude was relaxed, so interest rates moved down significantly. After the Spring Festival to early March, social finance and PMI data improved significantly, real estate "city-specific" relaxation policies were frequently introduced, market expectations of "credit easing" fermented, and interest rates rose up to 2.85%. In May, funds continued to be eased and the Prime Minister held a national meeting to stabilize the economy, the market revised fundamental expectations to pessimistic and interest rates fell below 2.7%. The epidemic as a whole entered the closing stage, and the policy was tilted towards the latter in terms of epidemic prevention and "stable growth", with marginal easing of epidemic prevention and control, and data on the economic data in May, which was obviously repaired, with the sales of real estate improving in the second half of the year and interest rates adjusting rapidly. The overall judgment on the national epidemic still has a "long tail" but the impact tends to weaken, the economy from the bottom to repair, real estate is inclined to weak recovery, consumption recovery needs time, fiscal expansion is limited, the overall judgment of the round of economic upside slope is slow, the second half of the high point is difficult to return to the target growth rate. Monetary policy to maintain neutral easing, but overseas in