周三，随着市场对美联储降息后的利率前景进行评估，10年期美国国债收益率在短暂跌破4%的五个月低点后反弹至4.07%。正如预期的那样，联邦公开市场委员会将利率下调了25个基点，以重启自12月以来暂停的降息周期。联邦公开市场委员会成员的预测中值表明，政策制定者预计今年将再降息两次，但对实际增长、失业率和核心通胀上调的强劲预测，让人对明年大幅降息的可能性产生了一些怀疑。鲍威尔主席一贯指出，降息并不一定意味着会出现更剧烈的降息周期，从而提高所有到期债券的收益率。在融资市场方面，尽管自上次会议以来，美联储的隔夜逆回购工具大幅缩减，但美联储仍保持了量化紧缩的步伐。

The yield on the 10-year US Treasury note rebounded to 4.07% on Wednesday after briefly falling below the five-month low of 4% threshold as market assessed the rate outlook following the Fed's rate cut. The FOMC reduced its rates by 25bps, as expected, to restart the cutting cycle that was paused since December. Median projections by FOMC members indicated that policymakers see two additional rate cuts taking place this year, but robust projections on real growth, unemployment, and upward revisions to core inflation struck some skepticism on the room for sharper cuts next year. Consistently, Chairman Powell noted that the rate cut did not necessarily anticipate a sharper cutting cycle, lifting yields throughout all maturities. In the funding markets front, the Fed maintained the pace of its quantitative tightening despite the aggressive drawdown in its overnight reverse repo facility since the last meeting.