{"id":45936,"date":"2026-04-25T02:25:41","date_gmt":"2026-04-25T02:25:41","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/45936\/"},"modified":"2026-04-25T02:25:41","modified_gmt":"2026-04-25T02:25:41","slug":"%e7%be%8e%e5%9c%8b%e5%95%86%e5%93%81%e6%9c%9f%e8%b2%a8%e4%ba%a4%e6%98%93%e5%a7%94%e5%93%a1%e6%9c%83%ef%bc%88cftc%ef%bc%89%e6%95%b8%e6%93%9a%e9%a1%af%e7%a4%ba%ef%bc%8c%e6%a8%99%e6%99%ae500%e9%9d%9e-2","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/45936\/","title":{"rendered":"\u7f8e\u570b\u5546\u54c1\u671f\u8ca8\u4ea4\u6613\u59d4\u54e1\u6703\uff08CFTC\uff09\u6578\u64da\u986f\u793a\uff0c\u6a19\u666e500\u975e\u5546\u696d\u6de8\u6301\u5009\u4e0a\u5347\uff0c\u8667\u640d\u6536\u7a84\u7531-11.58\u842c\u81f3-11.01\u842c"},"content":{"rendered":"

\u7f8e\u570b\u5546\u54c1\u671f\u8ca8\u4ea4\u6613\u59d4\u54e1\u6703\uff08CFTC\uff09\u6578\u64da\u986f\u793a\uff0c\u6a19\u666e500\uff08S&P 500\uff09\u975e\u5546\u696d\uff08NC\uff0c\u4e3b\u8981\u6307\u6295\u6a5f\u8cc7\u91d1\uff09\u6de8\u6301\u5009\u5347\u81f3 -110.1K\uff08\u7d04 -11.01\u842c\u5f35\u5408\u7d04\uff09\u3002<\/p>\n

\u524d\u503c\u70ba -115.8K\uff08\u7d04 -11.58\u842c\u5f35\u5408\u7d04\uff09\u3002<\/p>\n

\u6295\u6a5f\u6027\u6cbd\u7a7a\u6b63\u5728\u6536\u7e2e<\/h3>\n

\u8cc7\u6599\u53cd\u6620\u5927\u578b\u6295\u6a5f\u8005\u6b63\u5728\u6e1b\u5c11\u62bc\u6ce8\u6a19\u666e500\u4e0b\u8dcc\u7684\u5009\u4f4d\u3002\u9019\u610f\u5473\u5e02\u5834\u4e00\u76f4\u4e3b\u5c0e\u7684\u770b\u6de1\u60c5\u7dd2\u958b\u59cb\u964d\u6eab\u3002\u9019\u4ecd\u672a\u69cb\u6210\u660e\u78ba\u770b\u597d\u8a0a\u865f\uff0c\u4f46\u986f\u793a\u300c\u505a\u6de1\u300d\uff08short\uff0c\u6cbd\u7a7a\uff1a\u5148\u8ce3\u51fa\u3001\u671f\u671b\u4e4b\u5f8c\u4ee5\u66f4\u4f4e\u50f9\u683c\u8cb7\u56de\u7372\u5229\uff09\u7684\u4fe1\u5fc3\u6b63\u5728\u6e1b\u5f31\u3002<\/p>\n

\u9019\u4e00\u6301\u5009\u8b8a\u5316\uff0c\u8207\u8fd1\u671f\u7d93\u6fdf\u6578\u64da\u6709\u95dc\uff1a2026\u5e743\u6708\u6838\u5fc3\u901a\u8139\uff08core inflation\uff1a\u5254\u9664\u6ce2\u52d5\u8f03\u5927\u7684\u98df\u54c1\u53ca\u80fd\u6e90\u50f9\u683c\u5f8c\u7684\u901a\u8139\uff0c\u7528\u4f86\u66f4\u6e05\u6670\u53cd\u6620\u7269\u50f9\u8da8\u52e2\uff09\u653e\u7de9\u81f3\u6309\u5e743.2%\uff0c\u4ee4\u5e02\u5834\u5c0d\u592e\u884c\u66f4\u6fc0\u9032\u52a0\u606f\u7684\u6182\u616e\u4e0b\u964d\u3002\u7f8e\u570b\u570b\u50b5\u5b73\u606f\u7387\uff08Treasury yields\uff1a\u6301\u6709\u50b5\u5238\u7684\u56de\u5831\u7387\uff0c\u901a\u5e38\u5b73\u606f\u7387\u4e0a\u5347\u6703\u4ee4\u80a1\u7968\u4f30\u503c\u53d7\u58d3\uff09\u4ea6\u5f9e\u8fd1\u671f\u9ad8\u4f4d\u56de\u843d\uff0c10\u5e74\u671f\u570b\u50b5\u5b73\u606f\u7387\u73fe\u4f4e\u65bc4.5%\u3002\u9019\u5c0d\u6b64\u524d\u6574\u500b\u7b2c\u4e00\u5b63\u53d7\u58d3\u7684\u80a1\u5e02\u4f30\u503c\u5e36\u4f86\u4e00\u5b9a\u5598\u606f\u7a7a\u9593\u3002<\/p>\n

\u76ee\u524d\u6b63\u503c2026\u5e74\u7b2c\u4e00\u5b63\u696d\u7e3e\u671f\u4e2d\u6bb5\uff0c\u4f01\u696d\u696d\u7e3e\u6574\u9ad4\u8f03\u6700\u521d\u6182\u616e\u66f4\u4f73\uff0c\u5c24\u5176\u662f\u5927\u578b\u79d1\u6280\u80a1\u3002\u622a\u81f3\u73fe\u6642\uff0c\u6a19\u666e500\u7d04\u516d\u6210\u516c\u53f8\u5df2\u516c\u5e03\u696d\u7e3e\uff0c\u7d9c\u5408\u76c8\u5229\u589e\u9577\u7387\uff08blended earnings growth\uff1a\u628a\u5df2\u516c\u5e03\u8207\u672a\u516c\u5e03\u516c\u53f8\u7684\u9810\u6e2c\u5408\u8a08\u8a08\u7b97\u7684\u6574\u9ad4\u589e\u9577\uff09\u6b63\u8ffd\u8e64\u81f3\u6b63\u589e\u95773.5%\uff0c\u9ad8\u65bc\u5e02\u5834\u9810\u671f\u3002\u4f01\u696d\u57fa\u672c\u9762\u8f49\u7a69\uff0c\u4ea6\u70ba\u4ea4\u6613\u54e1\u5e73\u5009\u6cbd\u7a7a\u63d0\u4f9b\u7406\u7531\u3002<\/p>\n

\u5f9e\u884d\u751f\u5de5\u5177\uff08derivatives\uff1a\u50f9\u503c\u53d6\u6c7a\u65bc\u80a1\u7968\u3001\u5229\u7387\u7b49\u300c\u6a19\u7684\u8cc7\u7522\u300d\u50f9\u683c\u8b8a\u5316\u7684\u5408\u7d04\uff0c\u4f8b\u5982\u671f\u6b0a\u3001\u671f\u8ca8\uff09\u89d2\u5ea6\u770b\uff0c\u9019\u53ef\u80fd\u4ee4\u96b1\u542b\u6ce2\u5e45\uff08implied volatility\uff1a\u671f\u6b0a\u50f9\u683c\u53cd\u6620\u5e02\u5834\u5c0d\u672a\u4f86\u6ce2\u52d5\u7684\u9810\u671f\uff09\u53d7\u58d3\u3002\u6211\u5011\u770b\u5230VIX\u6307\u6578\uff08VIX\uff1a\u5e38\u88ab\u7a31\u70ba\u300c\u6050\u614c\u6307\u6578\u300d\uff0c\u53cd\u6620\u6a19\u666e500\u671f\u6b0a\u96b1\u542b\u6ce2\u5e45\uff09\u75313\u6708\u9ad8\u65bc20\u56de\u843d\u81f3\u8fd1\u671f\u7d0417.5\uff0c\u4f7f\u300c\u505a\u591a\u6ce2\u52d5\u300d\uff08long volatility\uff1a\u62bc\u6ce8\u5e02\u5834\u6ce2\u52d5\u4e0a\u5347\u3001\u901a\u5e38\u8cb7\u5165\u671f\u6b0a\u7b49\u7b56\u7565\uff09\u5438\u5f15\u529b\u4e0b\u964d\u3002\u4ea4\u6613\u54e1\u6216\u53ef\u8003\u616e\u5728\u56de\u8abf\u6642\u8ce3\u51fa\u50f9\u5916\u6cbd\u51fa\u671f\u6b0a\uff08out-of-the-money puts\uff1a\u884c\u4f7f\u50f9\u4f4e\u65bc\u73fe\u50f9\u7684\u6cbd\u51fa\u671f\u6b0a\uff1b\u82e5\u80a1\u50f9\u672a\u8dcc\u7a7f\u884c\u4f7f\u50f9\uff0c\u8ce3\u65b9\u53ef\u6536\u53d6\u671f\u6b0a\u91d1 premium \u4f5c\u6536\u76ca\uff09\uff0c\u4ee5\u671f\u5728\u76f8\u5c0d\u7a69\u5b9a\u7684\u5e02\u6cc1\u4e0b\u6536\u53d6\u671f\u6b0a\u91d1\u3002<\/p>\n

\u56de\u9867\u904e\u53bb\uff0c2023\u5e74\u7b2c\u4e8c\u5b63\u4ea6\u66fe\u51fa\u73fe\u985e\u4f3c\u60c5\u6cc1\uff1a\u96a8\u7740\u5e02\u5834\u5c0d\u8870\u9000\u7684\u6182\u616e\u964d\u6eab\uff0c\u6295\u6a5f\u6027\u6de8\u6cbd\u7a7a\u88ab\u56de\u88dc\uff0c\u4e4b\u5f8c\u5e02\u5834\u5728\u590f\u5b63\u524d\u51fa\u73fe\u5f37\u52c1\u53cd\u5f48\u3002\u56e0\u6b64\uff0c\u672a\u4f86\u6578\u5468\u9700\u7559\u610f\u6cbd\u7a7a\u5009\u4f4d\u6536\u7e2e\u662f\u5426\u5ef6\u7e8c\u3002<\/p>\n

\u4e0b\u4e00\u6b65\u89c0\u5bdf\u91cd\u9ede<\/h3>\n

\u82e5\u6de8\u6301\u5009\u9032\u4e00\u6b65\u8d70\u5411\u300c\u63a5\u8fd1\u96f6\u300d\u6216\u8f49\u70ba\u6de8\u505a\u591a\uff08net long\uff1a\u770b\u597d\u65b9\u5411\u7684\u6301\u5009\u591a\u65bc\u770b\u6de1\uff09\uff0c\u5c07\u66f4\u80fd\u652f\u6301\u5e02\u5834\u53ef\u80fd\u5f62\u6210\u8f03\u6301\u4e45\u5e95\u90e8\u7684\u5224\u65b7\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

CFTC\u6578\u64da\u63ed\u793a\u8cc7\u91d1\u52d5\u5411\uff1a\u6a19\u666e500\u975e\u5546\u696d\u6de8\u6301\u5009\u56de\u5347\uff0c\u8667\u640d\u6536\u7a84\u7531-11.58\u842c\u81f3-11.01\u842c\uff0c\u53cd\u6620\u7a7a\u982d\u58d3\u529b\u7565\u6e1b\uff0c\u5e02\u5834\u60c5\u7dd2\u6216\u73fe\u8f49\u6a5f\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-45936","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/45936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=45936"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/45936\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=45936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=45936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=45936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}