我们与美联储背靠背行动中的当前价格保持一致。评级机构惠誉在周五收盘后将法国信用评级从AA-下调至A+，前景稳定。这是法国三大信用评级公司之一的评级首次降至A级。

We Align With Currently Priced in Back-to-Back-to-Back Fed Moves.Rating agency Fitch lowered the French credit rating after market close on Friday from AA- to A+ with a stable outlook. It's the first time ever that the French rating drops into single A category at one of the three big credit rating firms.

周一，美国10年期国债收益率升至4.08%以上，延续至第二个交易日，投资者正在等待美联储本周的政策决定。市场预计周三降息25个基点的可能性约为96%，更大幅度降息0.5个基点的概率约为4%，此前美国最近的数据显示劳动力市场降温，通胀受到抑制。交易员们也在关注斯蒂芬·米兰是否会在会议前及时被确认为美联储理事，而今天晚些时候公布的帝国州制造业指数预计将为经济状况提供新的见解。

The yield on the US 10-year Treasury rose above 4.08% on Monday, extending its advance into a second session as investors awaited the Federal Reserve’s policy decision this week. Markets are pricing in about a 96% chance of a 25 basis point cut on Wednesday and around a 4% probability of a larger half-point move, after recent US data signaled a cooling labor market and subdued inflation. Traders are also watching whether Stephen Miran will be confirmed as a Fed governor in time for the meeting, while the Empire State Manufacturing Index due later today is expected to provide fresh insights into economic conditions.

市场为美联储降息做好准备。多项央行利率决定已提上议程，特别是周三的联邦公开市场委员会会议和加拿大银行，周四的英格兰银行和挪威银行，以及周五的日本银行。联邦公开市场委员会，加拿大央行 预计英国央行将降息25个基点，而我们预计英国央行和日本央行将保持利率不变。

Markets Brace for a Fed Rate Cut.Multiple central bank rate decisions are on the agenda, with notably the FOMC meeting and Bank of Canada (BoC) on Wednesday, the Bank of England (BoE) and Norges Bank (NB) on Thursday, and the Bank of Japan (BoJ) on Friday. The FOMC, BoC and NB are expected to deliver a 25bp cut, while we anticipate that both the BoE and BoJ will keep rates unchanged.

欢迎来到美联储周。美联储将在本周的交易中成为焦点，但请注意，还将举行其他几次主要的央行会议。当然，他们不会像美联储那样令人兴奋和期待。

Welcome to Fed week.The Fed will be hogging the spotlight in trading this week but just be aware that there will also be a couple of other major central bank meetings taking place as well. They won't nearly be as exciting and anticipated as the Fed of course though.