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CME FedWatch\uff08\u829d\u5546\u6240\u57fa\u4e8e\u5229\u7387\u671f\u8d27\u63a8\u7b97\u7684\u201c\u5e02\u573a\u5bf9\u7f8e\u8054\u50a8\u5229\u7387\u8def\u5f84\u9884\u671f\u201d\u5de5\u5177\uff09\u663e\u793a\uff0c\u5e02\u573a\u76ee\u524d\u9884\u8ba1\u5230 12 \u6708\u81f3\u5c11\u4f1a\u964d\u606f 50 \u4e2a\u57fa\u70b9\uff081 \u4e2a\u57fa\u70b9=0.01 \u4e2a\u767e\u5206\u70b9\uff0c\u5373 0.50 \u4e2a\u767e\u5206\u70b9\uff09\u3002\n\nADP\uff08\u79c1\u8425\u673a\u6784\u53d1\u5e03\u7684\u7f8e\u56fd\u79c1\u8425\u5c31\u4e1a\u6570\u636e\uff09\u62a5\u544a\u79f0\uff0c2 \u6708\u79c1\u8425\u90e8\u95e8\u5c31\u4e1a\u589e\u52a0 6.3 \u4e07\u4eba\uff0c\u9884\u671f 5 \u4e07\u4eba\uff0c1 \u6708\u4e3a 1.1 \u4e07\u4eba\u3002ISM \u670d\u52a1\u4e1a PMI\uff08\u4f9b\u5e94\u7ba1\u7406\u534f\u4f1a\u7684\u670d\u52a1\u4e1a\u91c7\u8d2d\u7ecf\u7406\u6307\u6570\uff0c\u7528\u6765\u8861\u91cf\u670d\u52a1\u4e1a\u666f\u6c14\u5ea6\uff09\u4ece 53.8 \u5347\u81f3 56.1\uff1bS&#038;P Global \u7efc\u5408 PMI\uff08\u6807\u666e\u5168\u7403\u7684\u7efc\u5408\u666f\u6c14\u6307\u6570\uff09\u4ece 52.3 \u5c0f\u5e45\u964d\u81f3 51.9\u3002\n\n\u4ece\u6280\u672f\u9762\u770b\uff0c\u652f\u6491\u5728 5,057 \u7f8e\u5143\u9644\u8fd1\uff0c\u4ee5\u53ca 5,100\u20135,000 \u7f8e\u5143\u533a\u57df\uff1b\u66f4\u4e0b\u65b9\u8fd8\u6709 4,850 \u548c 4,650 \u7f8e\u5143\u3002\u963b\u529b\u5728 5,200 \u7f8e\u5143\u9644\u8fd1\uff0c\u5176\u540e\u7ea6\u4e3a 5,259 \u548c 5,461 \u7f8e\u5143\u3002\n\n\u56de\u5230 2025 \u5e74 3 \u6708\u4e0a\u65ec\u7684\u8fd9\u6bb5\u65f6\u95f4\uff0c\u91d1\u4ef7\u5728 5,141 \u7f8e\u5143\u9644\u8fd1\u6447\u6446\u4e0d\u5b9a\u3002\u4e3b\u8981\u63a8\u52a8\u56e0\u7d20\u662f\uff1a\u5347\u7ea7\u7684\u7f8e\u4f0a\u51b2\u7a81\u5e26\u6765\u907f\u9669\u9700\u6c42\uff0c\u4f46\u7f8e\u56fd\u7ecf\u6d4e\u6570\u636e\u610f\u5916\u504f\u5f3a\uff0c\u4f7f\u5e02\u573a\u6000\u7591\u7f8e\u8054\u50a8\u672a\u6765\u662f\u5426\u4f1a\u964d\u606f\u3002\u8fd9\u79cd\u9ad8\u5ea6\u4e0d\u786e\u5b9a\u6027\u901a\u5e38\u4f1a\u653e\u5927\u6ce2\u52a8\uff08\u4ef7\u683c\u5927\u5e45\u4e0a\u4e0b\u53d8\u52a8\uff09\u3002\n\n<h3>\u9762\u5411\u9ad8\u6ce2\u52a8\u5e02\u573a\u7684\u671f\u6743\u7b56\u7565<\/h3>\n\u8003\u8651\u5230\u53bb\u5e74 3 \u6708\u521d\u51fa\u73b0\u7684\u201c\u5148\u5927\u8dcc 4.4% \u540e\u5feb\u901f\u53cd\u5f39\u201d\uff0c\u9ec4\u91d1\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff08\u671f\u6743\u4ef7\u683c\u53cd\u6620\u7684\u201c\u5e02\u573a\u9884\u671f\u672a\u6765\u6ce2\u52a8\u5927\u5c0f\u201d\u6307\u6807\uff09\u5f88\u53ef\u80fd\u5927\u5e45\u4e0a\u5347\uff0c\u7c7b\u4f3c 2022 \u5e74\u4e4c\u514b\u5170\u6218\u4e89\u7206\u53d1\u65f6 GVZ\uff08CBOE \u9ec4\u91d1\u6ce2\u52a8\u7387\u6307\u6570\uff0c\u7528\u4e8e\u8861\u91cf\u9ec4\u91d1\u671f\u6743\u9690\u542b\u6ce2\u52a8\uff09\u98d9\u5347\u7684\u60c5\u51b5\u3002\u66f4\u76f4\u63a5\u7684\u505a\u6cd5\u662f\u4e70\u5165\u957f\u8de8\u5f0f\u6216\u5bbd\u8de8\u5f0f\u7b56\u7565\uff1a  \n&#8211; \u957f\u8de8\u5f0f\uff08long straddle\uff09\uff1a\u540c\u65f6\u4e70\u5165\u540c\u5230\u671f\u3001\u540c\u6267\u884c\u4ef7\u7684\u770b\u6da8\u671f\u6743\u4e0e\u770b\u8dcc\u671f\u6743\u3002  \n&#8211; \u5bbd\u8de8\u5f0f\uff08long strangle\uff09\uff1a\u540c\u65f6\u4e70\u5165\u540c\u5230\u671f\u3001\u4e0d\u540c\u6267\u884c\u4ef7\u7684\u770b\u6da8\u4e0e\u770b\u8dcc\u671f\u6743\uff0c\u6210\u672c\u901a\u5e38\u66f4\u4f4e\u3002  \n\u8fd9\u7c7b\u7b56\u7565\u5728\u4ef7\u683c\u5411\u4efb\u4e00\u65b9\u5411\u51fa\u73b0\u5927\u5e45\u6ce2\u52a8\u65f6\u66f4\u5bb9\u6613\u83b7\u5229\uff0c\u4e0d\u5fc5\u62bc\u6ce8\u6700\u7ec8\u662f\u6218\u4e89\u5347\u7ea7\u8fd8\u662f\u7f8e\u8054\u50a8\u504f\u5f3a\u786c\uff08hawkish\uff0c\u6307\u66f4\u503e\u5411\u52a0\u606f\u6216\u7ef4\u6301\u9ad8\u5229\u7387\u4ee5\u538b\u901a\u80c0\uff09\u5360\u4e0a\u98ce\u3002\n\n\u82e5\u504f\u770b\u591a\uff0c\u53ef\u8003\u8651\u770b\u6da8\u671f\u6743\u6216\u725b\u5e02\u4ef7\u5dee\uff08bull call spread\uff1a\u4e70\u5165\u8f83\u4f4e\u6267\u884c\u4ef7\u770b\u6da8\u671f\u6743\uff0c\u540c\u65f6\u5356\u51fa\u8f83\u9ad8\u6267\u884c\u4ef7\u770b\u6da8\u671f\u6743\uff0c\u4ee5\u964d\u4f4e\u6210\u672c\u4f46\u9650\u5236\u6700\u5927\u6536\u76ca\uff09\uff0c\u76ee\u6807\u662f\u7a81\u7834 5,200 \u7f8e\u5143\u963b\u529b\u3002\u970d\u5c14\u6728\u5179\u6d77\u5ce1\u6218\u4e8b\u5347\u7ea7\u76f4\u63a5\u5a01\u80c1\u77f3\u6cb9\u4f9b\u5e94\uff0c\u63a8\u5347\u901a\u80c0\u9884\u671f\uff0c\u7c7b\u4f3c 2022 \u5e74\u4fc4\u4e4c\u51b2\u7a81\u540e\u5e03\u4f26\u7279\u539f\u6cb9\uff08\u56fd\u9645\u539f\u6cb9\u57fa\u51c6\u4e4b\u4e00\uff09\u66fe\u5347\u7834\u6bcf\u6876 120 \u7f8e\u5143\u3002\u901a\u80c0\u538b\u529b\u53e0\u52a0 2024 \u5e74\u5404\u56fd\u592e\u884c\u6301\u7eed\u5927\u89c4\u6a21\u4e70\u91d1\uff08\u5b98\u65b9\u50a8\u5907\u589e\u6301\uff09\uff0c\u6784\u6210\u66f4\u5f3a\u7684\u57fa\u672c\u9762\u652f\u6491\uff08\u5f71\u54cd\u4ef7\u683c\u7684\u6838\u5fc3\u4f9b\u9700\u4e0e\u5b8f\u89c2\u56e0\u7d20\uff09\u3002\n\n\u76f8\u53cd\uff0c2025 \u5e74 2 \u6708\u7684\u7f8e\u56fd\u7ecf\u6d4e\u6570\u636e\u8f83\u5f3a\uff08\u5982 ADP \u4e0e ISM\uff09\u4e5f\u5e26\u6765\u6e05\u6670\u7684\u770b\u7a7a\u7406\u7531\u3002\u7c7b\u4f3c\u60c5\u51b5\u5728 2023 \u5e74\u4e5f\u51fa\u73b0\u8fc7\uff1a\u7ecf\u6d4e\u504f\u5f3a\u4fc3\u4f7f\u7f8e\u8054\u50a8\u7ef4\u6301\u504f\u5f3a\u786c\u7acb\u573a\uff0c\u7f8e\u5143\u8d70\u5f3a\uff0c\u4ece\u800c\u538b\u5236\u91d1\u4ef7\u3002\u57fa\u4e8e\u6b64\uff0c\u53ef\u8003\u8651\u4e70\u5165\u770b\u8dcc\u671f\u6743\u6216\u718a\u5e02\u4ef7\u5dee\uff08bear put spread\uff1a\u4e70\u5165\u8f83\u9ad8\u6267\u884c\u4ef7\u770b\u8dcc\u671f\u6743\uff0c\u540c\u65f6\u5356\u51fa\u8f83\u4f4e\u6267\u884c\u4ef7\u770b\u8dcc\u671f\u6743\uff09\uff0c\u76ee\u6807\u662f\u8dcc\u7834 5,000 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