美国5年期国债 (US5Y) 加自选

一周前：美元的下行调整能否承受政策分歧？。美国总统特朗普的关税威胁在上周初扰乱了外汇市场，但到最后，市场似乎已经采取了许多人越来越认为的谈判立场。在选举前一周左右，随着一些参与者开始持观望态度，美元兑几种主要货币对的汇率已经达到峰值。

Week Ahead: Can the Dollar's Downside Correction Withstand the Divergence of Policy?.US President Trump's tariff threats roiled the foreign exchange market at the start of last week, but by the end, the market seemed to have taken what many see increasingly as negotiating positions in stride. The dollar had topped out against several of the major currency pairs a week or so before the election as some participants began moving to the sidelines.

Forexlive美洲外汇新闻摘要1月24日：数据疲软后，美元走低。。英镑兑美元是最大的推动因素，因为它在美国数据疲软之前对英国PMI数据的强劲做出了反应。一些主要货币突破了关键技术水平。

Forexlive Americas FX news wrap 24 Jan: The USD moves lower after weaker data..The GBPUSD was the biggest mover as it reacted to stronger UK PMI data before the weaker US data. Some of the major currencies broke key technical levels.

周五，美国股市收盘下跌，标准普尔500指数下跌0.2%，纳斯达克100指数下跌0.5%，道琼斯指数下跌0.3%，因为市场在一周的上涨后暂停，以消化特朗普总统的混合企业盈利和政策信号。尽管有所下降，但这三个指数本周都上涨了近2%。半导体股的大幅下跌对以英伟达为首的科技股指数造成压力，该指数下跌3.1%，而德州仪器在令人失望的预测后暴跌7.5%。特朗普对中国关税立场的软化提供了一些缓解，尽管对其他贸易伙伴可能采取行动的警告使不确定性居高不下。与此同时，由于持续的通胀担忧，消费者信心六个月来首次下降。投资者还权衡了美联储下周可能决定保持利率稳定，因为长期通胀预期仍然稳定。公司亮点包括美国运通和威瑞森的强劲业绩，与TI和波音的挫折形成鲜明对比。

US stocks closed lower with the S&P 500 down 0.2%, the Nasdaq 100 losing 0.5%, and the Dow slipping 0.3% on Friday, as markets paused after a week of gains to digest mixed corporate earnings and policy signals from President Trump. Despite the declines, all three indices posted nearly 2% gains for the week. A sharp drop in semiconductor stocks weighed on tech-heavy indices, led by Nvidia, which fell 3.1%, while Texas Instruments plunged 7.5% after disappointing forecasts. Trump’s softened stance on tariffs toward China provided some relief, though warnings of potential action against other trade partners kept uncertainties high. Meanwhile, consumer sentiment declined for the first time in six months amid persistent inflation concerns. Investors also weighed the Fed's likely decision to hold rates steady next week, as long-term inflation expectations remain anchored. Corporate highlights included strong results from Amex and Verizon, contrasting with setbacks for TI and Boeing.

市场每周展望-美联储将在特朗普时代开始时延长暂停期。由于美国即将上任的特朗普政府，本周市场有点像过山车。市场得到了一些预期，同时也受到了相当大的冲击，让市场参与者猜测。

Markets Weekly Outlook – Fed to Extend Pause as Trump Era Begins.Markets had a bit of a roller coaster ride this week thanks to the incoming Trump administration in the US. Markets got some of what they expected while they also received a fair amount of shocks to keep market participants guessing.