There has been continued positive momentum and increasing signs of recovery in macro environment, as more countries announce and prepare for the reopening of their economies.10-yr Treasury rebounded sharply to 1.24% as at 16 Feb 2021 from 1.08% as at 2 Feb 2021and we expect it to remain between 0.75%-1.5% for 2021.Moreover, to contribute to the recovery, we anticipate FED Funds rate to be kept between 0%-0.25% with no rate hike by the end of 2023.