{"id":46016,"date":"2026-04-27T12:37:15","date_gmt":"2026-04-27T12:37:15","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46016\/"},"modified":"2026-04-27T12:37:15","modified_gmt":"2026-04-27T12:37:15","slug":"%e6%98%9f%e5%b1%95%e9%8a%80%e8%a1%8c%e7%9a%84%e9%ad%8f%e7%b6%ad%e6%8c%87%e5%87%ba%ef%bc%8c%e7%be%8e%e5%9c%8b%e8%81%af%e5%84%b2%e5%b1%80%e9%a0%98%e5%b0%8e%e5%b1%a4%e4%b8%8d%e7%a2%ba%e5%ae%9a%e6%80%a7","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/46016\/","title":{"rendered":"\u661f\u5c55\u9280\u884c\u7684\u9b4f\u7dad\u6307\u51fa\uff0c\u7f8e\u570b\u806f\u5132\u5c40\u9818\u5c0e\u5c64\u4e0d\u78ba\u5b9a\u6027\u6b63\u5f71\u97ff\u7f8e\u80a1\u5e02\u5834\uff0c\u4e26\u5de6\u53f3\u7f8e\u5143\u8d70\u52e2\u524d\u666f"},"content":{"rendered":"

\u7f8e\u570b\u53f8\u6cd5\u90e8\u65bc4\u670824\u65e5\u7d42\u6b62\u5c0d\u806f\u5132\u5c40\u4e3b\u5e2d\u9b91\u5a01\u723e\uff08Jerome Powell\uff09\u7684\u5211\u4e8b\u8abf\u67e5\uff0c\u4e26\u6309\u9b91\u5a01\u723e\u8981\u6c42\uff0c\u628a\u6d89\u53ca25\u5104\u7f8e\u5143\u7684\u806f\u5132\u5c40\u7e3d\u90e8\u7ffb\u65b0\u4e8b\u5b9c\u8f49\u4ea4\u806f\u5132\u5c40\u76e3\u5bdf\u9577\u8fa6\u516c\u5ba4\uff08Office of Inspector General\uff0c\u8ca0\u8cac\u5167\u90e8\u5be9\u8a08\u8207\u8abf\u67e5\u7684\u7368\u7acb\u76e3\u7763\u90e8\u9580\uff09\u8ddf\u9032\u3002\u6b64\u8209\u7b26\u5408\u5171\u548c\u9ee8\u53c3\u8b70\u54e1\u63d0\u5229\u65af\uff08Thom Tillis\uff09\u8868\u660e\u652f\u6301\u6c83\u4ec0\uff08Kevin Warsh\uff09\u78ba\u8a8d\u4efb\u547d\u7684\u689d\u4ef6\u4e4b\u4e00\uff0c\u4f46\u5916\u754c\u5f62\u5bb9\u5f62\u52e2\u4ecd\u7136\u8106\u5f31\u3002<\/p>\n

\u53c3\u8b70\u9662\u9280\u884c\u59d4\u54e1\u6703\u5c07\u65bc4\u670829\u65e5\u7f8e\u6771\u6642\u9593\u4e0a\u534810\u6642\u5c31\u6c83\u4ec0\u7684\u78ba\u8a8d\u4efb\u547d\u8868\u6c7a\uff0c\u6642\u9593\u4e0a\u8ddd\u96e2\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\uff08FOMC\uff0c\u8ca0\u8cac\u5236\u5b9a\u5229\u7387\u7b49\u8ca8\u5e63\u653f\u7b56\u7684\u6c7a\u7b56\u59d4\u54e1\u6703\uff09\u516c\u5e03\u5229\u7387\u6c7a\u5b9a\u50c5\u76f8\u9694\u6578\u5c0f\u6642\u3002\u5e02\u5834\u666e\u904d\u628a\u9019\u9805\u63d0\u540d\u8996\u70ba\u300c\u504f\u5411\u6e1b\u606f\u300d\uff08\u9d3f\u6d3e\uff0c\u50be\u5411\u8f03\u5bec\u9b06\u653f\u7b56\u3001\u8f03\u9858\u610f\u964d\u606f\u4ee5\u652f\u6301\u7d93\u6fdf\uff09\u3002<\/p>\n

Markets Focus On Leadership Transition<\/h3>\n

\u7f8e\u80a1\u904e\u53bb\u4e00\u5468\u518d\u5275\u65b0\u9ad8\uff0c\u5373\u4f7f\u5e03\u862d\u7279\u539f\u6cb9\u4e5f\u56de\u5347\u81f3\u6bcf\u6876100\u7f8e\u5143\u4ee5\u4e0a\u3002\u5e02\u5834\u540c\u6642\u95dc\u6ce8\u9b91\u5a01\u723e\u4ee5\u4e3b\u5e2d\u8eab\u4efd\u4e3b\u6301\u7684\u6700\u5f8c\u4e00\u6b21FOMC\u8a18\u8005\u6703\uff0c\u7126\u9ede\u5728\u65bc\u4ed6\u6703\u5426\u7559\u4efb\u806f\u5132\u5c40\u7406\u4e8b\uff08Governor\uff0c\u806f\u5132\u5c40\u7ba1\u7406\u5c64\u6210\u54e1\uff09\u76f4\u81f32028\u5e741\u6708\u3002<\/p>\n

\u56de\u9867\u52302025\u5e74\u540c\u671f\uff0c\u5e02\u5834\u56e0\u6c83\u4ec0\u6709\u671b\u51fa\u4efb\u806f\u5132\u5c40\u65b0\u4e3b\u5e2d\u800c\u4e0a\u5347\u3002\u7576\u6642\u78ba\u8a8d\u4efb\u547d\u88ab\u8996\u70ba\u504f\u5411\u6e1b\u606f\u8a0a\u865f\uff0c\u5373\u4f7f\u6cb9\u50f9\u9ad8\u4f01\u5f15\u767c\u6182\u616e\uff0c\u80a1\u5e02\u4ecd\u63a8\u5347\u81f3\u65b0\u9ad8\u3002<\/p>\n

\u6c83\u4ec0\u9818\u5c0e\u4e0b\u7684\u806f\u5132\u5c40\u78ba\u65bc2025\u5e74\u4e0b\u534a\u5e74\u5169\u5ea6\u6e1b\u606f\uff0c\u4f46\u901a\u8139\u9060\u8f03\u9810\u671f\u300c\u9ecf\u6027\u9ad8\u300d\uff08\u5373\u901a\u8139\u56de\u843d\u901f\u5ea6\u6162\u3001\u8f03\u96e3\u964d\uff09\u30022026\u5e743\u6708\u6700\u65b0\u6d88\u8cbb\u7269\u50f9\u6307\u6578\uff08CPI\uff0c\u53cd\u6620\u4e00\u822c\u6d88\u8cbb\u7269\u50f9\u8b8a\u52d5\u7684\u901a\u8139\u6307\u6a19\uff09\u986f\u793a\u901a\u8139\u4ecd\u90543.9%\uff0c\u4ee4\u806f\u5132\u5c40\u9677\u5165\u5169\u96e3\u3002\u5e02\u5834\u6c23\u6c1b\u4ea6\u7531\u671f\u5f85\u66f4\u591a\u6e1b\u606f\uff0c\u8f49\u70ba\u6182\u616e\u653f\u7b56\u6216\u51fa\u73fe\u300c\u8f49\u8eda\u300d\uff08\u5373\u7531\u5bec\u9b06\u8f49\u5411\u6536\u7dca\uff0c\u751a\u81f3\u8981\u91cd\u65b0\u52a0\u606f\uff09\u3002<\/p>\n

\u5728\u6b64\u4e0d\u660e\u6717\u4e0b\uff0c\u672a\u4f86\u6578\u5468\u50f9\u683c\u53ef\u80fd\u5927\u5e45\u6ce2\u52d5\u3002\u829d\u52a0\u54e5\u671f\u6b0a\u4ea4\u6613\u6240\u6ce2\u52d5\u7387\u6307\u6578\uff08VIX\uff0c\u8861\u91cf\u6a19\u666e500\u77ed\u671f\u9810\u671f\u6ce2\u5e45\u7684\u6307\u6a19\uff0c\u5e38\u88ab\u7a31\u70ba\u5e02\u5834\u300c\u6050\u614c\u6307\u6a19\u300d\uff09\u7531\u53bb\u5e74\u5e95\u7d0414\u7684\u4f4e\u4f4d\u5347\u81f320\u4ee5\u4e0a\uff0c\u53cd\u6620\u4e0b\u6b21FOMC\u6703\u8b70\u524d\u4e0d\u5b89\u5347\u6eab\u3002\u56e0\u6b64\uff0c\u671f\u6b0a\u6b0a\u5229\u91d1\uff08option premium\uff0c\u8cb7\u5165\u671f\u6b0a\u9700\u652f\u4ed8\u7684\u50f9\u683c\uff09\u4e0a\u5347\uff0c\u56e0\u4ea4\u6613\u8005\u589e\u52a0\u5c0d\u6c96\u9700\u6c42\u3002<\/p>\n

Derivatives Positioning For Volatility<\/h3>\n

\u5c0d\u884d\u751f\u5de5\u5177\uff08derivatives\uff0c\u50f9\u503c\u53d6\u6c7a\u65bc\u80a1\u7968\u3001\u5229\u7387\u3001\u50b5\u5238\u7b49\u300c\u6a19\u7684\u8cc7\u7522\u300d\u50f9\u683c\u7684\u5408\u7d04\uff09\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u73fe\u6642\u74b0\u5883\u610f\u5473\u53ef\u66f4\u805a\u7126\u300c\u6ce2\u52d5\u7b56\u7565\u300d\u3002\u5728\u6a19\u666e500\u7b49\u6307\u6578\u8cb7\u5165\u8de8\u5f0f\u671f\u6b0a\uff08straddle\uff0c\u540c\u6642\u8cb7\u5165\u540c\u4e00\u5230\u671f\u65e5\u8207\u540c\u4e00\u884c\u4f7f\u50f9\u7684\u8a8d\u8cfc\u8207\u8a8d\u6cbd\uff09\u6216\u5bec\u8de8\u5f0f\u671f\u6b0a\uff08strangle\uff0c\u540c\u6642\u8cb7\u5165\u540c\u4e00\u5230\u671f\u65e5\u4f46\u4e0d\u540c\u884c\u4f7f\u50f9\u7684\u8a8d\u8cfc\u8207\u8a8d\u6cbd\uff09\u6216\u8f03\u6709\u7528\uff0c\u56e0\u70ba\u7121\u9700\u62bc\u6ce8\u65b9\u5411\uff0c\u53ea\u8981\u51fa\u73fe\u55ae\u908a\u5927\u5e45\u8d70\u52e2\u4fbf\u6709\u6a5f\u6703\u7372\u5229\u3002\u5e02\u5834\u7e43\u7dca\uff0c\u806f\u5132\u5c40\u4efb\u4f55\u610f\u5916\u8a0a\u865f\u90fd\u53ef\u80fd\u89f8\u767c\u6025\u5287\u53cd\u61c9\u3002<\/p>\n

\u5229\u7387\u5e02\u5834\u4ea6\u6b63\u5728\u91cd\u65b0\u5b9a\u50f9\uff0c\u4e26\u70ba\u8207\u50b5\u606f\u639b\u920e\u7684\u884d\u751f\u5de5\u5177\u63d0\u4f9b\u6a5f\u6703\u3002\u5c0d\u806f\u5132\u5c40\u653f\u7b56\u6700\u654f\u611f\u7684\u5169\u5e74\u671f\u7f8e\u570b\u570b\u50b5\u5b73\u606f\u7387\uff0c\u904e\u53bb\u5169\u500b\u6708\u6025\u5347\u903e50\u500b\u57fa\u9ede\uff08basis points\uff0c1\u500b\u57fa\u9ede\u7b49\u65bc0.01\u500b\u767e\u5206\u9ede\uff09\uff0c\u73fe\u65bc\u7d044.75%\u9644\u8fd1\u4ea4\u6613\u3002\u4ea4\u6613\u8005\u53ef\u5229\u7528\u570b\u50b5\u671f\u8ca8\u671f\u6b0a\uff08Treasury futures options\uff0c\u4ee5\u570b\u50b5\u671f\u8ca8\u70ba\u6a19\u7684\u7684\u671f\u6b0a\uff09\u90e8\u7f72\uff0c\u4ee5\u61c9\u5c0d\u806f\u5132\u5c40\u6216\u88ab\u8feb\u91cb\u51fa\u66f4\u5f37\u786c\u7684\u6297\u901a\u8139\u8a0a\u865f\uff08\u9df9\u6d3e\uff0c\u504f\u5411\u6536\u7dca\u653f\u7b56\u3001\u8f03\u9858\u610f\u52a0\u606f\u4ee5\u58d3\u901a\u8139\uff09\u3002<\/p>\n

\u806f\u5132\u5c40\u5167\u90e8\u52d5\u614b\u4ea6\u662f\u95dc\u9375\uff0c\u5c24\u5176\u9b91\u5a01\u723e\u4ecd\u6703\u4ee5\u7406\u4e8b\u8eab\u4efd\u7559\u4efb\u81f32028\u5e74\u3002\u5e02\u5834\u50b3\u51fa\u4e3b\u5e2d\u6c83\u4ec0\u504f\u5411\u5bec\u9b06\u7684\u4e00\u65b9\u8207\u8f03\u5be9\u614e\u9663\u71df\u4e4b\u9593\u5206\u6b67\u64f4\u5927\uff0c\u5f8c\u8005\u6216\u7531\u9b91\u5a01\u723e\u5e36\u982d\u3002\u9019\u7a2e\u5167\u90e8\u62c9\u626f\u63d0\u5347\u4e0d\u53ef\u9810\u6e2c\u6027\uff0c\u4ee4\u8f03\u9577\u5e74\u671f\u7684\u671f\u6b0a\uff08long-dated options\uff0c\u5230\u671f\u65e5\u8f03\u9060\u7684\u671f\u6b0a\uff0c\u62bc\u6ce8\u4e0d\u78ba\u5b9a\u6027\u6703\u7dad\u6301\u66f4\u9577\u6642\u9593\uff09\u5c0d\u62bc\u6ce8\u653f\u7b56\u4e0d\u660e\u6717\u6301\u7e8c\u7684\u4eba\u66f4\u5177\u5438\u5f15\u529b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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