{"id":44295,"date":"2026-04-07T18:32:11","date_gmt":"2026-04-07T18:32:11","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44295\/"},"modified":"2026-04-07T18:32:11","modified_gmt":"2026-04-07T18:32:11","slug":"%e7%be%8e%e5%9c%8b2%e6%9c%88%e6%89%a3%e9%99%a4%e5%9c%8b%e9%98%b2%e7%9a%84%e8%80%90%e7%94%a8%e5%93%81%e8%a8%82%e5%96%ae%e4%b8%8b%e8%b7%8c1-2%ef%bc%8c%e8%bc%83%e5%89%8d%e5%80%bc0-5%e5%9b%9e%e8%90%bd","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/44295\/","title":{"rendered":"\u7f8e\u570b2\u6708\u6263\u9664\u570b\u9632\u7684\u8010\u7528\u54c1\u8a02\u55ae\u4e0b\u8dcc1.2%\uff0c\u8f03\u524d\u503c0.5%\u56de\u843d"},"content":{"rendered":"

\u7f8e\u570b\u6263\u9664\u570b\u9632\u7684\u8010\u7528\u54c1\u8a02\u55ae\u65bc2\u6708\u4e0b\u8dcc1.2%\uff0c\u6b64\u524d\u4e00\u500b\u6708\u4e0a\u53470.5%\u3002<\/p>\n

\u56de\u9867\u800c\u8a00\uff0c\u8010\u7528\u54c1\u8a02\u55ae\u57282025\u5e742\u6708\u8dcc\u81f3-1.2%\uff0c\u662f\u7576\u5e74\u5176\u5f8c\u7d93\u6fdf\u8f49\u5f31\u7684\u65e9\u671f\u8a0a\u865f\u3002\u6578\u64da\u53cd\u6620\u4f01\u696d\u6295\u8cc7\u6536\u7e2e\uff0c\u4e26\u5ef6\u7e8c\u81f3\u79cb\u5b63\u3002\u9019\u4ea6\u986f\u793a\u5728\u9ad8\u5229\u7387\u74b0\u5883\u4e0b\uff0c\u4f01\u696d\u300c\u8cc7\u672c\u958b\u652f\u300d\uff08capital expenditures\uff0c\u5373\u7528\u65bc\u8cfc\u7f6e\u6a5f\u5668\u3001\u8a2d\u5099\u53ca\u64f4\u5145\u7522\u80fd\u7b49\u9577\u671f\u6295\u8cc7\u7684\u652f\u51fa\uff09\u958b\u59cb\u660e\u986f\u53d7\u58d3\u3002<\/p>\n

\u88fd\u9020\u696d\u75b2\u5f31\u7372\u78ba\u8a8d<\/h3>\n

\u5176\u5f8c\u6578\u64da\u9032\u4e00\u6b65\u78ba\u8a8d\u75b2\u5f31\uff1aISM\u88fd\u9020\u696dPMI\uff08\u63a1\u8cfc\u7d93\u7406\u6307\u6578\uff0c\u4e00\u9805\u8861\u91cf\u88fd\u9020\u696d\u666f\u6c23\u7684\u8abf\u67e5\u6307\u6a19\uff1b50\u4ee5\u4e0a\u4ee3\u8868\u64f4\u5f35\u300150\u4ee5\u4e0b\u4ee3\u8868\u6536\u7e2e\uff09\u5728\u63a5\u4e0b\u4f8610\u500b\u6708\u4e00\u76f4\u4f4e\u65bc50\uff0c\u8655\u65bc\u6536\u7e2e\u5340\u9593\u3002\u4f8b\u5982\u57282025\u5e74\u672b\uff0c\u6307\u6578\u591a\u6578\u6642\u9593\u5f98\u5f8a\u572847\u5de6\u53f3\uff0c\u53cd\u6620\u88fd\u9020\u696d\u6301\u7e8c\u504f\u5f31\u3002\u9019\u7a2e\u666e\u904d\u653e\u6162\u986f\u793a\uff0c2025\u5e742\u6708\u7684\u6578\u5b57\u4e26\u975e\u5076\u767c\uff0c\u800c\u662f\u8da8\u52e2\u7684\u958b\u59cb\u3002<\/p>\n

2025\u5e74\u4e0b\u534a\u5e74\uff0c\u7d93\u6fdf\u4e0d\u660e\u6717\u4ee4\u300c\u96b1\u542b\u6ce2\u52d5\u7387\u300d\uff08implied volatility\uff0c\u5373\u671f\u6b0a\u50f9\u683c\u53cd\u6620\u5e02\u5834\u5c0d\u672a\u4f86\u6ce2\u5e45\u7684\u9810\u671f\uff09\u7dad\u6301\u9ad8\u4f4d\uff0c\u4ee4\u300c\u5c0d\u6c96\u300d\uff08hedging\uff0c\u5373\u900f\u904e\u4ea4\u6613\u964d\u4f4e\u6301\u5009\u98a8\u96aa\uff09\u7684\u6210\u672c\u4e0a\u5347\u3002\u6211\u5011\u770b\u5230VIX\uff08\u6ce2\u52d5\u7387\u6307\u6578\uff0c\u5e38\u88ab\u7a31\u70ba\u5e02\u5834\u300c\u6050\u614c\u6307\u6a19\u300d\uff0c\u53cd\u6620\u6a19\u666e500\u671f\u6b0a\u7684\u9810\u671f\u6ce2\u52d5\uff09\u5728\u8a72\u6bb5\u671f\u9593\u5e73\u5747\u7d0419\uff0c\u696d\u7e3e\u516c\u5e03\u5b63\u66f4\u6578\u6b21\u5347\u7a7f22\u3002\u5728\u6b64\u74b0\u5883\u4e0b\uff0c\u6301\u6709\u300c\u505a\u591a\u6ce2\u52d5\u300d\uff08long volatility\uff0c\u5373\u5728\u6ce2\u52d5\u4e0a\u5347\u6642\u53d7\u60e0\u7684\u7b56\u7565\uff09\u6216\u4ee5\u671f\u6b0a\u5efa\u7acb\u9632\u5b88\u578b\u5009\u4f4d\u7684\u4ea4\u6613\u8005\u8f03\u6709\u5229\u3002<\/p>\n

\u806f\u5132\u5c40\u53d7\u300c\u6838\u5fc3\u901a\u8139\u300d\uff08core inflation\uff0c\u5373\u6263\u9664\u98df\u54c1\u53ca\u80fd\u6e90\u7b49\u6ce2\u52d5\u8f03\u5927\u7684\u9805\u76ee\u5f8c\u7684\u901a\u8139\uff09\u5f71\u97ff\uff0c2025\u5e74\u5927\u90e8\u5206\u6642\u9593\u4ecd\u9ad8\u65bc3%\uff0c\u4ee4\u5176\u7dad\u6301\u504f\u7dca\u7684\u653f\u7b56\u7acb\u5834\u3002\u6b64\u80cc\u666f\u58d3\u6291\u5e02\u5834\u98a8\u96aa\u80c3\u7d0d\uff0c\u4e26\u8f03\u5229\u597d\u53d7\u60e0\u65bc\u9ad8\u878d\u8cc7\u6210\u672c\u53ca\u4f4e\u589e\u9577\u7684\u90e8\u7f72\u3002\u77ed\u671f\u9650\u5229\u7387\u671f\u8ca8\uff08short-dated interest rate futures\uff0c\u5373\u4ee5\u77ed\u671f\u5229\u7387\u4f5c\u70ba\u6a19\u7684\u3001\u7528\u65bc\u62bc\u6ce8\u6216\u5c0d\u6c96\u5229\u7387\u8d70\u52e2\u7684\u671f\u8ca8\u5408\u7d04\uff09\u6301\u7e8c\u53cd\u6620\u77ed\u671f\u5167\u4e0d\u6703\u51fa\u73fe\u660e\u986f\u6e1b\u606f\u3002<\/p>\n

\u7136\u800c\uff0c\u6700\u65b02026\u5e743\u6708ISM\u88fd\u9020\u696d\u6307\u6578\u583150.3\uff0c\u662f\u903e\u4e00\u5e74\u4f86\u9996\u6b21\u56de\u5230\u64f4\u5f35\u6c34\u5e73\u3002\u9019\u610f\u5473\u53ef\u8003\u616e\u9010\u6b65\u6e1b\u5c11\u904e\u5ea6\u9632\u5b88\u7684\u6301\u5009\u3002\u6216\u53ef\u5be9\u614e\u8ce3\u51fa\u90e8\u5206\u504f\u8cb4\u7684\u300c\u4e0b\u884c\u8a8d\u6cbd\u671f\u6b0a\u300d\uff08downside puts\uff0c\u5373\u5728\u8cc7\u7522\u50f9\u683c\u4e0b\u8dcc\u6642\u589e\u503c\u3001\u7528\u65bc\u5c0d\u6c96\u4e0b\u8dcc\u98a8\u96aa\u7684\u671f\u6b0a\uff09\uff0c\u4e26\u958b\u59cb\u5728\u5468\u671f\u6027\u677f\u584a\u5efa\u7acb\u300c\u8a8d\u8cfc\u50f9\u5dee\u300d\uff08call spreads\uff0c\u5373\u540c\u6642\u8cb7\u5165\u53ca\u8ce3\u51fa\u4e0d\u540c\u57f7\u884c\u50f9\u7684\u8a8d\u8cfc\u671f\u6b0a\uff0c\u4ee5\u964d\u4f4e\u6210\u672c\u4e26\u9650\u5236\u6f5b\u5728\u5229\u6f64\/\u98a8\u96aa\uff09\u7684\u5009\u4f4d\u3002<\/p>\n

\u70ba\u8f49\u52e2\u4f5c\u90e8\u7f72<\/h3>\n

\u9451\u65bc\u5fa9\u7526\u8a0a\u865f\u521d\u73fe\uff0c\u4ea6\u61c9\u5bc6\u5207\u7559\u610f\u5229\u7387\u671f\u8ca8\u76f8\u95dc\u7684\u671f\u6b0a\u3002\u82e5\u96f6\u552e\u92b7\u552e\u53ca\u5c31\u696d\u7b49\u6578\u64da\u9032\u4e00\u6b65\u78ba\u8a8d\u7d93\u6fdf\u898b\u5e95\uff0c\u5e02\u5834\u5c07\u9700\u8981\u91cd\u65b0\u8abf\u6574\u5c0d\u806f\u5132\u5c40\u672a\u4f86\u653f\u7b56\u8def\u5f91\u7684\u9810\u671f\uff0c\u6216\u5e36\u4f86\u63d0\u524d\u90e8\u7f72\u300c\u5b73\u606f\u66f2\u7dda\u8b8a\u659c\u300d\uff08steeper yield curve\uff0c\u5373\u9577\u77ed\u671f\u5229\u7387\u5dee\u64f4\u5927\uff1b\u901a\u5e38\u53cd\u6620\u589e\u9577\u9810\u671f\u6539\u5584\u6216\u9577\u606f\u4e0a\u5347\u5feb\u65bc\u77ed\u606f\uff09\u7684\u6a5f\u6703\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7f8e\u570b2\u6708\u6263\u9664\u570b\u9632\u7684\u8010\u7528\u54c1\u8a02\u55ae\u6025\u632b1.2%\uff0c\u8f03\u524d\u503c0.5%\u660e\u986f\u8f49\u5f31\uff0c\u53cd\u6620\u4f01\u696d\u8cc7\u672c\u958b\u652f\u52d5\u80fd\u964d\u6eab\uff0c\u7d93\u6fdf\u524d\u666f\u6dfb\u8b8a\u6578\uff0c\u5e02\u5834\u6216\u91cd\u4f30\u6e1b\u606f\u6b65\u4f10\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-44295","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\/wp-json\/wp\/v2\/posts\/44295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/comments?post=44295"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/44295\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=44295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=44295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=44295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}