Goldman Sachs strategists stated in a report that the oil price shock caused a sudden shift in the interest rate market, which began trading in line with a hawkish policy stance. They noted that the risk of upward pressure on overall inflation has outweighed concerns about growth, while the resurgence of supply-side volatility has diminished the previously re-emerging value of duration hedging. "Although Friday's weak (US) jobs report provided some support at the front end of the yield curve, the market's reaction to the weaker-than-expected data was noticeably muted," the strategists said. Despite the volatility, they added that the absolute level of the 10-year US Treasury yield is not unreasonable, and longer-term rates remain largely at appropriate levels, consistent with cross-border longer-term growth expectations. (Jinshi)