周四，美国股指期货上涨，投资者继续评估美联储降息50个基点的决定，这是其宽松政策的积极开端，也是四年来的首次降息。在周三的常规交易中，道琼斯指数下跌0.25%，标准普尔500指数下跌0.29%，纳斯达克综合指数下跌0.31%。在央行做出决定之前，主要股指最初上涨，道琼斯指数和标准普尔指数创下历史新高，然后在收盘时下跌。这些举措出台之际，美联储主席鲍威尔强调，美国经济仍然强劲，尽管今天大幅降息，但联邦公开市场委员会并不急于继续放松货币政策，强调50个基点的降息不应被视为“新步伐”。投资者现在期待着最新的每周失业救济申请和8月份的现房销售数据，以及达顿餐厅、联邦快递和Lennar的收益报告。

US stock futures rose on Thursday as investors continued to assess the Federal Reserve’s decision to cut rates by 50 basis points, an aggressive start to its easing campaign and the first rate reduction in four years. In regular trading on Wednesday, the Dow fell 0.25%, the S&P 500 lost 0.29% and the Nasdaq Composite tumbled 0.31%. The major averages initially rallied before the central bank’s decision, with the Dow and S&P hitting new record highs, before turning lower towards the close. Those moves came as Fed Chair Powell emphasized that the US economy remains robust and that the FOMC is in no rush to continue loosening monetary policy despite the aggressive cut today, underscoring that 50 bps rate reductions should not be considered a “new pace.” Investors now look ahead to the latest weekly jobless claims and August’s existing home sales figures, as well as earnings reports from Darden Restaurants, FedEx and Lennar.

2024年6月，外国对长期证券、短期美国证券和银行流量的净收购为1075亿美元的TIC净流入，此前一个月向上修正了161亿美元的流入。其中，外国私人净流入1418亿美元，外国官方净流入147亿美元。7月，外国居民增持了长期美国证券；他们的净购买额为1347亿美元。外国私人投资者的净购买额为1620亿美元，而外国官方机构的销售额为273亿美元。美国居民减少了长期外国证券的持有量，净销售额为6亿美元。

Net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $107.5 billion in June 2024, following an upwardly revised $16.1 billion inflow in the previous month. Of this, net foreign private inflows were $141.8 billion, and net foreign official inflows were $14.7 billion. Foreign residents increased their holdings of long-term U.S. securities in July; their net purchases were $134.7 billion. Net purchases by private foreign investors were $162.0 billion, while sales by foreign official institutions were $27.3 billion. U.S. residents decreased their holdings of long-term foreign securities, with net sales of $0.6 billion.

美联储宣布降息50个基点，这是自2020年以来的首次降息，高于大多数受访经济学家预期的25个基点，美国股市收盘时波动较大。标准普尔500指数和纳斯达克100指数各下跌0.3%，道琼斯指数下跌102点，道琼斯指数在早盘上涨375点以上。此举后，股票和债券反弹，但在美联储主席鲍威尔强调美国经济仍然强劲，尽管今天大幅降息，但联邦公开市场委员会并不急于继续放松货币政策后，迅速抹去了涨幅，强调50个基点的降息不应被视为“新步伐”。尽管如此，联邦公开市场委员会成员的预测表明，今年总降息幅度的中位数为100个基点，相当于今年央行每次会议的降息幅度为25个基点。英伟达、微软、甲骨文和AMD的股价下跌超过1%。另一方面，苹果上涨1.8%，而Meta的交易价格略高于持平线。

Stocks in the US closed a volatile session lower after the Fed delivered a 50bps rate cut, its first cut since 2020, and above the 25bps expected by a majority of surveyed economists. The S&P 500 and the Nasdaq 100 lost 0.3% each, and the Dow fell 102 points with the latter gaining over 375 point earlier in the session. Equities and bonds rallied after the move, but quickly erased their gains after Fed Chair Powell emphasized that the US economy remains robust and that the FOMC is in no rush to continue loosening monetary policy despite the aggressive cut today, underscoring that 50bps rate reductions should not be considered a “new pace”. Still, projections by FOMC members pointed to a median of 100bps in total rate cuts for the year, translating to 25bps in each of the central bank's meetings this year. Nvidia, Microsoft, Oracle, and AMD fell over 1%. On the other hand, Apple added 1.8% while Meta traded slightly above the flatline.

美国10年期国债收益率升至3.7%，从周一的近15个月低点3.62%反弹，因为市场在美联储开始降息周期后评估了美国货币政策的前景。美联储将利率下调了50个基点，这是自2020年以来的首次降息，比近一半市场预期的25个基点更为激进，这标志着央行自2007年以来最不确定的决定。此举后债券反弹，但在美联储主席鲍威尔强调美国经济仍然强劲，尽管今天大幅降息，但联邦公开市场委员会并不急于继续放松货币政策后，债券迅速抹去了涨幅，强调50个基点的降息不应被视为“新步伐”。中值预测显示，今年的总降息幅度为100个基点，相当于今年剩余两次会议的降息幅度为25个基点。此外，央行将量化紧缩计划的步伐保持在每月250亿美元。

The yield on the US 10-year Treasury note rose to the 3.7% mark, rebounding from the near 15-month low of 3.62% from Monday as markets assessed the outlook of US monetary policy after the Fed commenced its rate-cutting cycle. The Fed cut its interest rate by 50bps, its first rate reduction since 2020, and more aggressive than the 25bps expected by nearly half of the market, which marked the most uncertain decision by the central bank since 2007. Bonds rallied after the move, but quickly erased their gains after Fed Chair Powell emphasized that the US economy remains robust and that the FOMC is in no rush to continue loosening monetary policy despite the aggressive cut today, underscoring that 50bps rate reductions should not be considered a “new pace”. Median forecasts point to 100bps in total rate cuts for the year, translating to 25bps in its two remaining meetings this year. Also, the central bank held the pace of its quantitative tightening program at $25 billion per month.