Odaily Planet Daily News: A strategist at BNP Paribas said that the swap market's expectations that the Federal Reserve will stop cutting interest rates when the policy rate falls to about 3.5% are too optimistic. The strategist is optimistic about curve steepening trades and Treasuries in the middle of the curve. Calvin Tse, head of macro strategy for the Americas at BNP Paribas, said in an interview with Bloomberg TV on Tuesday that the best opportunity on the curve lies not in pricing in 2024, but in market expectations of the terminal rate, in other words, the ultimate rate cut. The market expects the Fed to stop near 3.5%, which suggests that the interest rate market is looking for a soft landing, and we expect the landing process to be a little bumpy than the market expects. BNP Paribas expects the Fed's terminal rate to be 2.75%. Tse said we like to build positions in the middle of the yield curve, we like curve steepening trades, and seek to outperform the 5-year and 10-year. (Jinshi)