英镑徘徊在1.33美元附近，市场等待英格兰银行即将出台的政策决定，普遍预计将降息25个基点至4.25%。投资者也在关注央行最新的经济预测，这可能预示着是否有可能进一步降息。一些分析人士认为，英国央行可能倾向于采取更激进的宽松政策，以应对全球风险，尤其是与特朗普总统的新关税有关的风险，这加剧了人们对全球经济放缓的担忧。然而，与中国或欧盟等地区相比，英国被认为相对不受美国关税的影响，因为2024年美国对英国的商品顺差为120亿美元。与此同时，预计美联储将在周三保持利率稳定。在贸易方面，美中关系仍存在不确定性。特朗普表示，中国可能希望达成协议，但没有给出时间表，而北京表示，如果美国首先取消关税，愿意进行谈判。

The British pound hovered near $1.33 as markets awaited the Bank of England's upcoming policy decision, with a 25 basis point rate cut to 4.25% widely anticipated. Investors are also watching for the Bank's updated economic forecasts, which could signal whether further cuts are likely. Some analysts believe the BoE may lean toward a more aggressive easing path in response to global risks, especially those linked to President Trump's new tariffs, which have heightened fears of a global slowdown. Nevertheless, the UK is seen as relatively shielded from US tariffs compared to regions like China or the EU, as the US ran a $12 billion goods surplus with Britain in 2024. Meanwhile, the Federal Reserve is expected to hold rates steady on Wednesday. On the trade front, uncertainty persists around US-China relations. Trump said China may want a deal but gave no timeline, while Beijing indicated willingness to talk if the US removes tariffs first.

英国10年期国债收益率稳定在4.52%左右，投资者等待英国央行周四的政策决定，普遍预计英国央行将降息25个基点至4.25%。在加息的同时，英国央行将发布最新的GDP增长和通胀预测。一些经济学家表示，由于与特朗普总统的新关税相关的全球风险上升，世界银行可能会在未来几个月采取更激进的宽松立场，这加剧了人们对经济衰退的担忧。英国央行下次会议定于6月19日举行。在美国，美联储将于周三宣布其政策决定，预计将保持利率不变，尽管人们对贸易相关的不利因素也有类似的担忧。另外，英国债务管理办公室表示，将在5月19日当周联合发行新的2056年英国国债。

The UK 10-year gilt yield held steady around 4.52% as investors awaited the Bank of England’s policy decision on Thursday, where a 25 basis point rate cut to 4.25% is widely expected. Alongside the rate move, the BoE will release updated forecasts for GDP growth and inflation. Some economists suggest the Bank may adopt a more aggressive easing stance in coming months due to rising global risks tied to President Trump’s new tariffs, which have increased recession fears. The next BoE meeting is scheduled for 19 June. In the US, the Federal Reserve is set to announce its policy decision on Wednesday and is expected to keep rates unchanged despite similar concerns over trade-related headwinds. Separately, the UK Debt Management Office said it will syndicate a new 2056 gilt during the week of May 19.

下周：联邦公开市场委员会不急于降息，而英国央行放松政策将加速。特朗普总统表示，正在与中国进行贸易谈判。北京对此予以否认。

Week Ahead: FOMC in No Hurry to Cut Rates while BOE Easing set to Accelerate.President Trump says there are trade talks with China. Beijing denies it.

在伦敦，富时100指数周五上涨103点，涨幅1.21%。涨幅最大的是梅尔罗斯（5.01%）、国际航空集团（4.89%）和能多洁（3.86%）。

In London, the FTSE 100 Index went up by 103 points or 1.21 percent on Friday. Top gainers were Melrose (5.01%), International Airlines Group (4.89%) and Rentokil Initial (3.86%).