周四，美国股市大多走高，标准普尔500指数上涨0.5%，纳斯达克指数上涨0.8%，而道琼斯指数在持平点附近交易，交易员消化了美联储今年首次降息和优于预期的失业救济申请。美联储暗示今年将再降息50个基点，随后在2026年再降息25个基点。波动性紧随这一决定和鲍威尔主席的新闻发布会之后，他将此举描述为“风险管理”削减，并警告说没有无风险的道路。与此同时，首次申请失业救济人数从4年来的最高点下降到23.1万，降幅远超预期，缓解了人们对劳动力市场疲软的一些担忧。在企业方面，英伟达股价上涨超过2%，而英特尔在宣布英伟达将投资50亿美元收购该公司少数股权后飙升近24%。Meta（0.7%）

Stocks in the US were mostly higher on Thursday, with the S&P 500 rising 0.5% and the Nasdaq adding 0.8% while the Dow Jones traded around the flatline as traders digested the Fed’s first interest rate cut of the year and better-than-expected jobless claims. The Fed signaled an additional 50bps of cuts this year, followed by another 25bps reduction in 2026. Volatility followed the decision and Chair Powell’s press conference, where he framed the move as a “risk management” cut and cautioned that there are no risk-free paths. Meanwhile, initial jobless claims fell much more than expected to 231K from a 4-year high, easing some concerns about the labour market weakness. On the corporate front, Nvidia shares jumped more than 2% while Intel soared nearly 24% after announcing that Nvidia will invest $5 billion for a minority stake in the company. Meta (0.7%)

随着市场继续评估全球利率前景，10年期美国国债收益率周四从美联储昨日利率决定后触及的低于4%的五个月低点升至4.1%。正如预期的那样，美联储将关键利率下调了25个基点，并预计今年将再下调两个基点。尽管如此，政策制定者还预测，核心通胀率将高于此前的预期，而增长和失业前景有所改善。这一背景预计将支撑整个曲线的收益率，而鲍威尔主席表示单次降息不一定预示着未来的货币宽松政策，这一信号放大了这一背景。除此之外，失业申请人数再次下降和费城联邦储备银行活动指数强劲，挑战了对劳动力市场恶化的有限担忧，增加了国债的压力。与此同时，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 rose to 4.1% on Thursday from the five-month low of below 4% touched after yesterday's Federal Reserve rate decision, as markets continued to assess the outlook of global rates. The Fed cut its key rates by 25bps, as expected, and projected a median of two more curs this year. Still, policymakers also projected that core inflation will be higher than previously expected while growth and unemployment outlooks improved. The backdrop projected supported yields across the curve, magnified by Chairman Powell's signal that the single cut did not necessarily anticipate future monetary easing. On top of that, a fresh decline in unemployment claims and strong Philly Fed activity index challenged limited concerns of a deteriorating labor market, adding pressure on Treasury securities. In the meantime, the Fed maintained the pace of its quantitative tightening despite the aggressive drawdown in its overnight reverse repo facility since the last meeting.

英镑在英国央行之后保持坚挺，美元失去动力。英镑今天的交易情况喜忧参半，对英国央行将利率维持在4.00%的决定反应甚微。7比2的投票结果略微偏向鸽派，Swati Dhingra和Alan Taylor支持降息25个基点，但鉴于他们根深蒂固的鸽派倾向，这一结果是普遍预期的。

Sterling Holds Ground After BoE, Dollar Loses Momentum.Sterling traded steadily mixed today, showing little reaction to the BoE's decision to hold rates at 4.00%. The 7–2 vote leaned slightly dovish, with Swati Dhingra and Alan Taylor backing a 25bps cut, but the outcome was broadly expected given their well-established dovish leanings.

周四，美元指数升至97.3，较本周早些时候触及的2022年低点略有反弹，交易员消化了美联储今年首次降息和好于预期的失业救济申请。波动性紧随这一决定和鲍威尔主席的新闻发布会之后，他将此举描述为“风险管理”削减，并警告说没有无风险的道路。美联储还表示，今年将再降息50个基点，随后在2026年再降息25个基点。与此同时，首次申请失业救济人数从4年来的最高点下降到23.1万，降幅远超预期，缓解了人们对劳动力市场疲软的一些担忧。美元兑欧元和英镑大多走高，在英国央行如预期般保持借贷成本不变，同时放缓资产负债表缩减步伐后，英镑放弃了早期涨幅。与此同时，加拿大央行将利率下调了25个基点，预计日本央行明天将保持政策不变。

The dollar index strengthened toward 97.3 on Thursday, rebounding slightly from the 2022 lows touched earlier in the week as traders digested the Fed’s first interest rate cut of the year and better-than-expected jobless claims. Volatility followed the decision and Chair Powell’s press conference, where he framed the move as a “risk management” cut and cautioned that there are no risk-free paths. The Fed also signaled an additional 50bps of cuts this year, followed by another 25bps reduction in 2026. Meanwhile, initial jobless claims fell much more than expected to 231K from a 4-year high, easing some concerns about the labour market weakness. The greenback traded mostly higher against the euro and the pound, with the latter surrendering early gains after the BoE left borrowing costs unchanged, as expected, while slowing the pace of its balance sheet reduction. Meanwhile, the Bank of Canada trimmed rates by 25bps, and the Bank of Japan is expected to keep policy unchanged tomorrow.