周三，10年期美国国债收益率接近4.3%的临界点，保持在七周低点附近，市场在对中东局势升级的担忧降低之际评估了美联储的政策前景。鲍威尔主席在国会作证的第二天保持了谨慎的措辞，强调央行在实施降息之前需要减少经济不确定性，但暗示如果关税不像4月初担心的那样激进，放松政策可能是合适的。与此同时，随着石油和液化天然气油轮在中东自由航行，能源价格保持了大部分下跌。利率期货继续显示，市场看好今年两次降息的预期，但与本月初相比，更大比例的投资者预计将降息三次。

The yield on the 10-year US Treasury note was near the 4.3% threshold on Wednesday, remaining around seven-week lows, as markets assessed the Fed's policy outlook amid lower concerns of escalation in the Middle East. Chairman Powell maintained his cautious rhetoric on the second day of testimony before Congress, stressing that the central bank requires less economic uncertainty before delivering rate cuts, but hinting that it may be appropriate to loosen policy if tariffs are not as aggressive as feared in early April. Meanwhile, energy prices held most of their declines as oil and LNG tankers navigated freely in the Middle East. Rate futures continued to show that markets favor expectations of two rate cuts this year, but a larger portion of investors are positioned for three cuts compared to the start of the month.

美国股市周三表现疲软，保持了前两个交易日的大幅上涨，因中东紧张局势继续缓和，市场评估了美联储的政策前景。标准普尔500指数和纳斯达克100指数持平，后者在当天早些时候创下历史新高，而道琼斯指数下跌不到100点。美联储主席鲍威尔在国会作证的第二天保持了谨慎的措辞，强调联邦公开市场委员会希望在实施降息之前对经济有更清晰的了解，但暗示如果关税没有4月初担心的那么激进，放松政策可能是合适的。与此同时，随着油轮在中东自由航行，能源价格保持了大部分下跌。科技股在事件较少的背景下领涨，Nvidia、Alphabet和AMD上涨超过2%。另一方面，特斯拉因欧洲销售悲观而下跌5%，联邦快递在下调指导后下跌2%。

US stocks were muted on Wednesday, holding the sharp gains from the two prior sessions as markets assessed the Federal Reserve's policy outlook as tension in the Middle East continued to de-escalate. The S&P 500 and the Nasdaq 100 were flat, with the latter reaching a record high earlier in the session, while the Dow was down by less than 100 points. Fed Chair Powell maintained his cautious rhetoric on his second day of testimony before Congress, stressing that the FOMC wants a clearer picture on the economy before delivering rate cuts, but hinting that it may be appropriate to loosen policy if tariffs are not as aggressive as feared in early April. In the meantime, energy prices held most of their declines as tankers navigated freely in the Middle East. Tech led the gains on a less eventful backdrop, with Nvidia, Alphabet, and AMD adding over 2%. On the other hand, Tesla fell 5% on pessimistic European sales, and FedEx lost 2% after cutting its guidance.

鲍威尔演讲：联邦债务不会影响我们每月的政策决定。美联储主席杰罗姆·鲍威尔周三在参议院银行委员会就半年度货币政策报告作证时表示：“联邦金融政策、债务不会影响我们每月的政策决定。”。

Powell speech: Federal debt doesn't affect our month-to-month policy decisions."Federal financial policy, debt, doesn't affect our month-to-month policy decisions," Federal Reserve (Fed) Chairman Jerome Powell said while testifying about the Semi-Annual Monetary Policy Report before the Senate Banking Committee on Wednesday.

根据EIA石油状况报告的数据，截至2025年6月20日的一周，美国原油库存下降了583.6万桶，超过了市场预期的75万桶的降幅。此外，俄克拉荷马州库欣交付中心的库存下降了46.4万桶。在精炼燃料中，汽油库存减少207.5万桶，馏分燃料库存减少406.6万桶。

Crude oil inventories in the US fell by 5.836 million barrels in the week ended June 20, 2025, more than market expectations of a 0.75 million barrel decrease, according to data from the EIA Petroleum Status Report. Also, stocks in the Cushing, Oklahoma, delivery hub went down by 464 thousand barrels. Among refined fuels, gasoline stocks decreased by 2.075 million barrels and stocks of distillate fuels fell by 4.066 million barrels.