{"id":46239,"date":"2026-05-04T20:26:28","date_gmt":"2026-05-04T20:26:28","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e6%b3%95%e5%9b%bd%e5%b7%b4%e9%bb%8e%e9%93%b6%e8%a1%8c%e7%bb%8f%e6%b5%8e%e5%ad%a6%e5%ae%b6%e8%ae%a4%e4%b8%ba%ef%bc%8c%e8%8b%b1%e5%9b%bd%e9%80%9a%e8%83%80%e5%b0%86%e6%94%af%e6%92%91%e8%8b%b1%e4%bc%a6\/"},"modified":"2026-05-04T20:26:28","modified_gmt":"2026-05-04T20:26:28","slug":"%e6%b3%95%e5%9b%bd%e5%b7%b4%e9%bb%8e%e9%93%b6%e8%a1%8c%e7%bb%8f%e6%b5%8e%e5%ad%a6%e5%ae%b6%e8%ae%a4%e4%b8%ba%ef%bc%8c%e8%8b%b1%e5%9b%bd%e9%80%9a%e8%83%80%e5%b0%86%e6%94%af%e6%92%91%e8%8b%b1%e4%bc%a6","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e6%b3%95%e5%9b%bd%e5%b7%b4%e9%bb%8e%e9%93%b6%e8%a1%8c%e7%bb%8f%e6%b5%8e%e5%ad%a6%e5%ae%b6%e8%ae%a4%e4%b8%ba%ef%bc%8c%e8%8b%b1%e5%9b%bd%e9%80%9a%e8%83%80%e5%b0%86%e6%94%af%e6%92%91%e8%8b%b1%e4%bc%a6\/","title":{"rendered":"\u6cd5\u56fd\u5df4\u9ece\u94f6\u884c\u7ecf\u6d4e\u5b66\u5bb6\u8ba4\u4e3a\uff0c\u82f1\u56fd\u901a\u80c0\u5c06\u652f\u6491\u82f1\u4f26\u94f6\u884c\u6301\u7eed\u6536\u7d27\u653f\u7b56\uff1b\u968f\u7740\u5b63\u5ea6\u589e\u5e45\u6d88\u9000\uff0c\u7ecf\u6d4e\u589e\u957f\u52302026\u5e74\u5c06\u51cf\u534a"},"content":{"rendered":"

\u6cd5\u56fd\u5df4\u9ece\u94f6\u884c\uff08BNP Paribas\uff09\u7ecf\u6d4e\u5b66\u5bb6\u9884\u8ba1\uff0c\u82f1\u56fd\u7ecf\u6d4e\u589e\u957f\u5c06\u4ece2025\u5e74\u76841.4%\u653e\u7f13\u81f32026\u5e74\u76840.7%\u3002\u5b63\u5ea6\u589e\u957f\u9884\u8ba1\u7ea6\u4e3a0.1%\uff0c\u6b64\u524d\u9884\u6d4b2026\u5e74\u7b2c\u4e00\u5b63\u5c06\u5f55\u5f97+0.4%\uff08\u6309\u5b63\uff0cq\/q\uff09\u3002<\/p>\n

\u901a\u80c0\u9884\u8ba1\u5347\u81f3\u540c\u6bd43.6%\uff0c\u539f\u56e0\u4e0e\u4f0a\u6717\u6218\u4e89\u63a8\u9ad8\u80fd\u6e90\u4e0e\u8fd0\u8f93\u7b49\u6210\u672c\u6709\u5173\u3002\u968f\u540e\u901a\u80c0\u6599\u57282027\u5e74\u9010\u6b65\u56de\u843d\u81f3\u540c\u6bd43.3%\uff0c\u4f46\u4ecd\u9ad8\u4e8e\u82f1\u683c\u5170\u94f6\u884c\uff08\u82f1\u56fd\u592e\u884c\uff09\u7684\u901a\u80c0\u76ee\u6807\u3002<\/p>\n

\u82f1\u56fd\u589e\u957f\u4e0e\u901a\u80c0\u5c55\u671b<\/h3>\n

\u8d27\u5e01\u653f\u7b56\u9884\u8ba1\u5c06\u57282026\u5e74\u6536\u7d27\uff08\u52a0\u606f\uff0950\u4e2a\u57fa\u70b9\uff08basis points\uff0cbp\uff1b1\u4e2a\u57fa\u70b9=0.01\u4e2a\u767e\u5206\u70b9\uff09\uff0c\u800c\u4e0d\u662f\u8f6c\u5411\u653e\u677e\uff08\u964d\u606f\uff09\u300210\u5e74\u671f\u82f1\u56fd\u56fd\u503a\uff08gilt\uff0c\u6307\u82f1\u56fd\u653f\u5e9c\u53d1\u884c\u7684\u503a\u5238\uff09\u6536\u76ca\u7387\u9884\u8ba1\u57282026\u5e74\u7ef4\u6301\u9ad8\u4f4d\uff0c\u968f\u540e\u57282027\u5e74\u56de\u843d\u81f34.30%\u3002<\/p>\n

\u65e5\u5143\u4e0e\u82f1\u9551\u9884\u8ba1\u57282026\u5e74\u4e0e2027\u5e74\u5bf9\u7f8e\u5143\u8d70\u52bf\u8d8b\u7a33\u3002\u9884\u6d4b\u4e3a\uff1a\u52302026\u5e74\u7b2c\u56db\u5b63\uff08Q4 2026\uff09\uff0c\u7f8e\u5143\/\u65e5\u5143\uff08USD\/JPY\uff09160\uff0c\u82f1\u9551\/\u7f8e\u5143\uff08GBP\/USD\uff091.35\u3002<\/p>\n

\u6587\u7ae0\u6307\u51fa\u5185\u5bb9\u7531AI\u5de5\u5177\u751f\u6210\u5e76\u7ecf\u7f16\u8f91\u5ba1\u6838\uff1b\u5e76\u8bf4\u660eFXStreet Insights\u56e2\u961f\u4f1a\u4ece\u5177\u540d\u4e13\u5bb6\u4e0e\u5206\u6790\u5e08\u7684\u89c2\u70b9\u4e2d\u7b5b\u9009\u5e02\u573a\u89c2\u5bdf\u3002<\/p>\n

\u6211\u4eec\u770b\u5230\u660e\u663e\u7684\u7ecf\u6d4e\u653e\u7f13\u8ff9\u8c61\u3002\u82f1\u56fd\u56fd\u5bb6\u7edf\u8ba1\u5c40\uff08Office for National Statistics\uff0cONS\uff09\u7684\u6700\u65b0\u6570\u636e\u663e\u793a\uff0c\u7b2c\u4e00\u5b63\u7ecf\u6d4e\u589e\u957f\u4ec50.2%\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u901a\u80c0\u4ecd\u987d\u56fa\uff0c3\u6708\u5df2\u5347\u81f33.5%\uff0c\u63a5\u8fd1\u6211\u4eec\u9884\u8ba1\u76843.6%\u9ad8\u70b9\u3002\u8fd9\u79cd\u201c\u589e\u957f\u75b2\u5f31\u4f46\u7269\u4ef7\u504f\u9ad8\u201d\u7684\u7ec4\u5408\uff0c\u610f\u5473\u7740\u5728\u4ea4\u6613\u82f1\u56fd\u8d44\u4ea7\u76f8\u5173\u7684\u884d\u751f\u54c1\uff08derivatives\uff0c\u884d\u751f\u91d1\u878d\u5de5\u5177\uff0c\u5982\u671f\u8d27\u3001\u671f\u6743\u3001\u6389\u671f\uff09\u65f6\uff0c\u5e94\u628a\u201c\u6ede\u80c0\u201d\uff08stagflation\uff1a\u7ecf\u6d4e\u589e\u957f\u653e\u6162\u751a\u81f3\u505c\u6ede\uff0c\u540c\u65f6\u901a\u80c0\u504f\u9ad8\uff09\u60c5\u666f\u7eb3\u5165\u8003\u8651\u3002<\/p>\n

\u5229\u7387\u4e0e\u82f1\u56fd\u56fd\u503a\u5e02\u573a\u5f71\u54cd<\/h3>\n

\u5728\u4e0a\u8ff0\u901a\u80c0\u538b\u529b\u4e0b\uff0c\u5e02\u573a\u4e0d\u518d\u50cf2025\u5e74\u90a3\u6837\u62bc\u6ce8\u964d\u606f\u3002\u76f8\u53cd\uff0cSONIA\u671f\u8d27\uff08\u4ee5\u82f1\u9551\u9694\u591c\u6307\u6570\u5e73\u5747\u5229\u7387SONIA\u4e3a\u57fa\u51c6\u7684\u5229\u7387\u671f\u8d27\uff0c\u7528\u6765\u53cd\u6620\u5e02\u573a\u5bf9\u672a\u6765\u653f\u7b56\u5229\u7387\u7684\u9884\u671f\uff09\u5df2\u5145\u5206\u53cd\u6620\uff1a\u82f1\u56fd\u592e\u884c\u5728\u5e74\u5e95\u524d\u81f3\u5c11\u52a0\u606f\u4e24\u6b21\uff0c\u6bcf\u6b2125\u4e2a\u57fa\u70b9\u7684\u9884\u671f\u3002\u4ea4\u6613\u8005\u53ef\u8003\u8651\u5728\u5229\u7387\u6389\u671f\uff08interest rate swaps\uff1a\u7528\u56fa\u5b9a\u5229\u7387\u4e0e\u6d6e\u52a8\u5229\u7387\u4ea4\u6362\u73b0\u91d1\u6d41\u7684\u5408\u7ea6\uff09\u4e2d\u201c\u652f\u4ed8\u56fa\u5b9a\u5229\u7387\u201d\uff08pay fixed\uff1a\u652f\u4ed8\u56fa\u5b9a\u3001\u6536\u53d6\u6d6e\u52a8\uff0c\u901a\u5e38\u7528\u4e8e\u62bc\u6ce8\u5229\u7387\u4e0a\u5347\uff09\u6765\u628a\u63e1\u8fd9\u4e00\u6536\u7d27\u5468\u671f\u3002<\/p>\n

\u82f1\u56fd\u653f\u5e9c\u503a\u5238\u7684\u5c55\u671b\u663e\u793a\uff0c\u6536\u76ca\u7387\u4eca\u5e74\u5269\u4f59\u65f6\u95f4\u53ef\u80fd\u7ef4\u6301\u504f\u9ad8\u3002\u7531\u4e8e10\u5e74\u671f\u82f1\u56fd\u56fd\u503a\u6536\u76ca\u7387\u76ee\u524d\u7ea6\u57284.6%\uff0c\u5728\u5e02\u573a\u5f00\u59cb\u62bc\u6ce82027\u5e74\u964d\u606f\u4e4b\u524d\uff0c\u503a\u5238\u4ef7\u683c\u5927\u5e45\u53cd\u5f39\uff08bond rally\uff1a\u503a\u5238\u4ef7\u683c\u4e0a\u6da8\u3001\u6536\u76ca\u7387\u4e0b\u8dcc\uff09\u7684\u7a7a\u95f4\u6216\u6709\u9650\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u5728\u4ef7\u683c\u8d70\u5f3a\u65f6\u5356\u51fa\u82f1\u56fd\u56fd\u503a\u671f\u8d27\uff08gilt futures\uff1a\u4ee5\u82f1\u56fd\u56fd\u503a\u4e3a\u6807\u7684\u7684\u671f\u8d27\u5408\u7ea6\uff0c\u7528\u4e8e\u5bf9\u51b2\u6216\u6295\u673a\u5229\u7387\/\u503a\u5238\u4ef7\u683c\uff09\u53ef\u80fd\u5728\u672a\u6765\u51e0\u5468\u66f4\u6709\u6548\u3002<\/p>\n

\u7ecf\u6d4e\u6d3b\u52a8\u653e\u7f13\u53e0\u52a0\u5229\u7387\u4e0a\u5347\uff0c\u5bf9\u82f1\u56fd\u80a1\u5e02\u4e0d\u5229\u3002\u6211\u4eec\u770b\u5230\u7b2c\u4e00\u5b63\u4f01\u4e1a\u76c8\u5229\u9884\u8b66\uff08profit warnings\uff1a\u516c\u53f8\u63d0\u524d\u63d0\u793a\u76c8\u5229\u53ef\u80fd\u4f4e\u4e8e\u9884\u671f\uff09\u589e\u52a0\uff0c\u9884\u8ba1\u968f\u7740\u501f\u8d37\u6210\u672c\u4e0a\u5347\u6324\u538b\u5229\u6da6\u7387\uff08margins\uff1a\u76c8\u5229\u7a7a\u95f4\uff09\uff0c\u8fd9\u4e00\u8d8b\u52bf\u5c06\u5ef6\u7eed\u3002\u56e0\u6b64\uff0c\u4e70\u5165\u5bcc\u65f6100\u6307\u6570\uff08FTSE 100\uff09\u8ba4\u6cbd\u671f\u6743\uff08put options\uff1a\u5728\u672a\u6765\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u5356\u51fa\u6807\u7684\u7684\u6743\u5229\uff0c\u7528\u4e8e\u5bf9\u51b2\u4e0b\u8dcc\u6216\u62bc\u6ce8\u4e0b\u8dcc\uff09\u53ef\u4f5c\u4e3a\u5bf9\u51b2\u5de5\u5177\uff0c\u6216\u4f5c\u4e3a\u770b\u8dcc\u5e03\u5c40\u3002<\/p>\n

\u82f1\u9551\u65b9\u9762\uff0c\u6211\u4eec\u8ba4\u4e3a\u75b2\u5f31\u7ecf\u6d4e\u4e0e\u504f\u9e70\u6d3e\u592e\u884c\uff08hawkish\uff1a\u66f4\u503e\u5411\u52a0\u606f\u3001\u4f18\u5148\u538b\u5236\u901a\u80c0\u7684\u653f\u7b56\u6001\u5ea6\uff09\u4e4b\u95f4\u5b58\u5728\u62c9\u952f\u3002\u867d\u7136\u589e\u957f\u524d\u666f\u4e0d\u4f73\uff0c\u4f46\u52a0\u606f\u9884\u671f\u5bf9\u82f1\u9551\u6709\u652f\u6491\uff0c\u6211\u4eec\u76ee\u6807\u4e3a\u5e74\u5e95GBP\/USD 1.35\u3002\u8fd9\u610f\u5473\u7740\u53ef\u901a\u8fc7\u671f\u6743\u7b56\u7565\u5356\u51fa\u4e0b\u884c\u6ce2\u52a8\u7387\uff08selling downside volatility\uff1a\u5728\u5e02\u573a\u9884\u671f\u4e0d\u592a\u4f1a\u5927\u8dcc\u65f6\uff0c\u901a\u8fc7\u5356\u51fa\u76f8\u5173\u671f\u6743\u6536\u53d6\u6743\u5229\u91d1\uff0c\u4f46\u9700\u627f\u62c5\u4e0b\u8dcc\u98ce\u9669\uff09\u4f5c\u4e3a\u8f83\u7a33\u5065\u7684\u505a\u6cd5\uff0c\u56e0\u4e3a\u6c47\u7387\u53ef\u80fd\u7ef4\u6301\u533a\u95f4\u9707\u8361\uff08range-bound\uff1a\u5728\u4e00\u5b9a\u4e0a\u4e0b\u533a\u95f4\u5185\u6765\u56de\u6ce2\u52a8\uff09\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u82f1\u56fd\u9677\u6ede\u80c0\u98ce\u9669\uff1aBNP\u65992026\u589e\u957f\u964d\u81f30.7%\u3001\u901a\u80c0\u89e6\u98763.6%\u3002\u82f1\u94f6\u6216\u52a0\u606f50bp\uff0c10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u9ad8\u4f01\uff1b\u82f1\u9551\u6599\u5b881.35\uff0c\u884d\u751f\u54c1\u9700\u9632\u4e0b\u884c\u3002<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-46239","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/46239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/comments?post=46239"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/46239\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=46239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=46239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=46239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}