UST yield curves flattened in February as the yields priced in sentiment over the rate hikes by the Fed and the Russia-Ukraine geopolitical tension that escalated into a full-blown military conflict. The longer end of Germany’s bund yields mainly were in positive territory in February as the market braced for the unwinding of accommodative monetary policy. BoE continued its hawkish stance in February which saw a rate hike by 25 bps to 0.5%. The 5yr gilt plunged by 0.2bps as investors sought safe assets following the Russia-Ukraine military conflict. CGB yields rose in February, the first time since October 2021. The market is expecting another monetary policy easing of reserve requirement ratio and loan prime rate in the next few months amid slow growth momentum and zero-COVID policy.