{"id":46505,"date":"2026-05-01T20:28:41","date_gmt":"2026-05-01T20:28:41","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46505\/"},"modified":"2026-05-01T20:28:41","modified_gmt":"2026-05-01T20:28:41","slug":"4%e6%9c%88%e7%be%8e%e5%9c%8bism%e8%a3%bd%e9%80%a0%e6%a5%ad%e6%96%b0%e8%a8%82%e5%96%ae%e6%8c%87%e6%95%b8%e7%94%b153-5%e5%8d%87%e8%87%b354-1","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/46505\/","title":{"rendered":"4\u6708\u7f8e\u570bISM\u88fd\u9020\u696d\u65b0\u8a02\u55ae\u6307\u6578\u753153.5\u5347\u81f354.1"},"content":{"rendered":"<p>\u7f8e\u570bISM\u88fd\u9020\u696d\u65b0\u8a02\u55ae\u6307\u65784\u6708\u5347\u81f354.1\uff0c\u524d\u503c\u70ba53.5\u3002<\/p>\n<p>\u6211\u5011\u8a8d\u70ba\u65b0\u8a02\u55ae\u6578\u64da\u8f03\u9810\u671f\u5f37\uff0c\u53cd\u6620\u7d93\u6fdf\u5177\u97cc\u6027\uff0c\u4ea6\u4ee4\u5e02\u5834\u8fd1\u671f\u5c0d\u806f\u5132\u5c40\uff08Federal Reserve\uff0c\u8ca0\u8cac\u5236\u5b9a\u7f8e\u570b\u5229\u7387\u7684\u592e\u884c\uff09\u4eca\u5e74\u7a0d\u5f8c\u6e1b\u606f\u7684\u5b9a\u50f9\u53d7\u5230\u6311\u6230\u3002\u77ed\u7dda\u800c\u8a00\uff0c\u884d\u751f\u5de5\u5177\uff08derivatives\uff0c\u5373\u4ee5\u76f8\u95dc\u8cc7\u7522\u50f9\u683c\u4f5c\u57fa\u790e\u7684\u5408\u7d04\uff09\u90e8\u7f72\u6216\u504f\u5411\u66f4\u300c\u9df9\u6d3e\u300d\uff08hawkish\uff0c\u5373\u8f03\u50be\u5411\u52a0\u606f\u6216\u7dad\u6301\u9ad8\u606f\u4ee5\u58d3\u6291\u901a\u8139\uff09\u7684\u5229\u7387\u8def\u5f91\u3002<\/p>\n<h3>\u50b5\u606f\u8207\u5229\u7387\u9810\u671f<\/h3>\n<p>\u300c\u9ad8\u606f\u7dad\u6301\u66f4\u9577\u6642\u9593\u300d\uff08higher-for-longer\uff0c\u5373\u5229\u7387\u5728\u8f03\u9ad8\u6c34\u5e73\u7dad\u6301\u8f03\u4e45\uff09\u7684\u6a5f\u6703\u4e0a\u5347\uff0c\u6216\u4ee4\u50b5\u5238\u50f9\u683c\u53d7\u58d3\uff08\u50b5\u50f9\u8207\u50b5\u606f\u8d70\u52e2\u901a\u5e38\u76f8\u53cd\uff09\u3002\u6211\u5011\u95dc\u6ce810\u5e74\u671f\u7f8e\u570b\u570b\u50b5\u5b73\u606f\u7387\uff0810-year Treasury yield\uff0c\u5373\u5e02\u5834\u8981\u6c42\u6301\u670910\u5e74\u671f\u7f8e\u50b5\u7684\u56de\u5831\u7387\uff09\uff0c\u65e9\u6bb5\u4ea4\u6613\u5df2\u5347\u81f34.75%\uff0c\u6216\u518d\u6e2c\u8a662025\u5e74\u5e95\u9ad8\u4f4d\u3002\u53ef\u8003\u616e\u4ee5\u9577\u5e74\u671f\u50b5\u5238ETF\u7684\u8a8d\u6cbd\u671f\u6b0a\uff08put options\uff0c\u5373\u5728\u6307\u5b9a\u65e5\u671f\u524d\u4ee5\u6307\u5b9a\u50f9\u683c\u8ce3\u51fa\u76f8\u95dc\u8cc7\u7522\u7684\u6b0a\u5229\uff09\u4f5c\u5c0d\u6c96\u6216\u6355\u6349\u4e0b\u8dcc\u3002<\/p>\n<p>\u80a1\u7968\u65b9\u9762\uff0c\u6578\u64da\u5229\u597d\u4f01\u696d\u76c8\u5229\uff0c\u7279\u5225\u662f\u5de5\u696d\u8207\u539f\u6750\u6599\u677f\u584a\uff08industrials\u3001materials\uff09\u3002\u9019\u5370\u8b49\u88fd\u9020\u696d\u57282026\u5e74\u521d\u958b\u59cb\u56de\u5347\uff0c2025\u5e74\u7684\u653e\u7de9\u6182\u616e\u964d\u6eab\u3002\u53ef\u7559\u610f\u5468\u671f\u6027\u677f\u584aETF\u7684\u8a8d\u8cfc\u671f\u6b0a\uff08call options\uff0c\u5373\u5728\u6307\u5b9a\u65e5\u671f\u524d\u4ee5\u6307\u5b9a\u50f9\u683c\u8cb7\u5165\u76f8\u95dc\u8cc7\u7522\u7684\u6b0a\u5229\uff09\uff0c\u56e0\u4f01\u696d\u6216\u7d66\u51fa\u8f03\u5f37\u7684\u524d\u666f\u6307\u5f15\uff08forward guidance\uff0c\u5373\u7ba1\u7406\u5c64\u5c0d\u672a\u4f86\u696d\u7e3e\/\u7d93\u71df\u7684\u9810\u6e2c\uff09\u3002<\/p>\n<p>\u7d93\u6fdf\u504f\u5f37\u4ea6\u53ef\u80fd\u652f\u6301\u7f8e\u5143\u3002\u7f8e\u5143\u6307\u6578\uff08Dollar Index\uff0cDXY\uff0c\u5373\u7f8e\u5143\u514c\u4e00\u7c43\u5b50\u4e3b\u8981\u8ca8\u5e63\u7684\u5f37\u5f31\u6307\u6a19\uff09\u5df2\u903c\u8fd1106.50\uff0c\u96a8\u8457\u606f\u5dee\uff08interest rate differentials\uff0c\u5373\u4e0d\u540c\u570b\u5bb6\u5229\u7387\u5dee\u8ddd\uff09\u6709\u5229\u7f8e\u570b\uff0c\u6599\u7e8c\u6709\u627f\u6258\u3002\u505a\u591a\u7f8e\u5143\uff0c\u5c0d\u8f03\u300c\u9d3f\u6d3e\u300d\uff08dovish\uff0c\u5373\u8f03\u50be\u5411\u6e1b\u606f\u6216\u7dad\u6301\u4f4e\u606f\u4ee5\u652f\u6301\u7d93\u6fdf\uff09\u7684\u592e\u884c\u6240\u5c6c\u8ca8\u5e63\uff0c\u5438\u5f15\u529b\u4e0a\u5347\u3002<\/p>\n<p>\u5de5\u5ee0\u8a02\u55ae\u4e0a\u5347\uff0c\u610f\u5473\u672a\u4f86\u539f\u6750\u6599\u9700\u6c42\u589e\u52a0\u3002\u5de5\u696d\u91d1\u5c6c\u5982\u9285\u5df2\u53cd\u61c9\uff0c\u50f9\u683c\u5347\u7a7f\u6bcf\u78c54.50\u7f8e\u5143\uff0c\u53cd\u6620\u5e02\u5834\u9810\u671f\u9700\u6c42\u5f37\u52c1\u3002\u770b\u597d\u5546\u54c1\u671f\u8ca8\uff08commodity futures\uff0c\u5373\u7d04\u5b9a\u672a\u4f86\u4ee5\u6307\u5b9a\u50f9\u683c\u8cb7\u8ce3\u5546\u54c1\u7684\u5408\u7d04\uff09\u6216\u76f8\u95dc\u80a1\u7968\uff0c\u6216\u53ef\u53d7\u60e0\u88fd\u9020\u696d\u64f4\u5f35\u3002<\/p>\n<h3>\u6ce2\u52d5\u8207\u671f\u6b0a\u90e8\u7f72<\/h3>\n<p>\u9019\u985e\u504f\u6b63\u9762\u7684\u7d93\u6fdf\u6d88\u606f\u901a\u5e38\u6703\u964d\u4f4e\u5e02\u5834\u4e0d\u78ba\u5b9a\u6027\u3002CBOE\u6ce2\u52d5\u7387\u6307\u6578\uff08VIX\uff0c\u5373\u53cd\u6620\u5e02\u5834\u5c0d\u6a19\u666e500\u672a\u4f86\u6ce2\u5e45\u9810\u671f\u7684\u6307\u6a19\uff09\u5df2\u8dcc\u7a7f14\uff0c\u53cd\u6620\u9810\u671f\u6ce2\u52d5\u4e0b\u964d\u3002\u5728\u6b64\u74b0\u5883\u4e0b\uff0c\u8ce3\u51fa\u671f\u6b0a\u6536\u53d6\u6b0a\u5229\u91d1\uff08options premium\uff0c\u5373\u671f\u6b0a\u8cb7\u65b9\u652f\u4ed8\u7d66\u8ce3\u65b9\u7684\u8cbb\u7528\uff09\u6216\u8f03\u5438\u5f15\uff0c\u4f8b\u5982\u8ce3\u51fa\u73fe\u91d1\u64d4\u4fdd\u8a8d\u6cbd\u671f\u6b0a\uff08cash-secured puts\uff0c\u5373\u9810\u7559\u8db3\u5920\u73fe\u91d1\u5728\u88ab\u884c\u4f7f\u6642\u8cb7\u5165\u80a1\u7968\u7684\u7b56\u7565\uff09\u65bc\u57fa\u672c\u9762\u8f03\u5f37\u7684\u5de5\u696d\u80a1\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7f8e\u570b4\u6708ISM\u88fd\u9020\u696d\u65b0\u8a02\u55ae\u6307\u6578\u5347\u81f354.1\uff0c\u9700\u6c42\u7e8c\u64f4\u5f35\uff0c\u53cd\u6620\u4f01\u696d\u88dc\u5eab\u5b58\u52d5\u529b\u589e\u5f37\uff1b\u5e02\u5834\u61a7\u61ac\u7d93\u6fdf\u97cc\u6027\uff0c\u6216\u5229\u597d\u5de5\u696d\u80a1\u8207\u7f8e\u5143\u8d70\u52e2\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-46505","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\/46505","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=46505"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/46505\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=46505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=46505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=46505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}