{"id":51510,"date":"2026-07-08T14:00:11","date_gmt":"2026-07-08T14:00:11","guid":{"rendered":"https:\/\/www.vtmarkets.com\/zh\/uncategorized\/51510\/"},"modified":"2026-07-08T14:00:11","modified_gmt":"2026-07-08T14:00:11","slug":"bny-iflow%ef%bc%9a%e5%84%98%e7%ae%a1%e9%80%9a%e8%84%b9%e9%a0%90%e6%9c%9f%e5%b7%ae%e5%9b%9e%e8%90%bd%ef%bc%8c%e7%be%8e%e8%82%a1%e6%8c%81%e5%80%89%e4%bb%8d%e5%81%8f%e5%90%91%e9%80%9a%e8%84%b9%e4%ba%a4","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/51510\/","title":{"rendered":"BNY iFlow\uff1a\u5118\u7ba1\u901a\u8139\u9810\u671f\u5dee\u56de\u843d\uff0c\u7f8e\u80a1\u6301\u5009\u4ecd\u504f\u5411\u901a\u8139\u4ea4\u6613"},"content":{"rendered":"

BNY \u6578\u64da\u986f\u793a\uff0c\u5ba2\u6236\u6d41\u5165\u7f8e\u570b\u80a1\u7968\u7684\u8cc7\u91d1\u6d41\u5411\u4ecd\u4ee5\u901a\u8139\u98a8\u96aa\u70ba\u4e3b\u8981\u90e8\u7f72\uff0c\u5373\u4f7f\u914d\u7f6e\u65bc\u6700\u76f4\u63a5\u7684\u901a\u8139\u5c0d\u6c96\u677f\u584a\u7684\u529b\u5ea6\u5df2\u6709\u6240\u964d\u6eab\u3002\u8a72\u884c\u7684 iFlow \u80a1\u7968\u901a\u8139\u98a8\u683c\u6307\u6a19\u6703\u5148\u4f30\u7b97\u5404\u884c\u696d\u7d44\u5225\u56de\u5831\u8207\u5169\u5e74\u671f\u76c8\u8667\u5e73\u8861\u901a\u8139\u7387\uff08two-year breakeven inflation rate\uff09\u8b8a\u52d5\u4e4b\u9593\u7684\u76f8\u95dc\u6027\uff0c\u4e26\u4ee5\u540c\u4e00\u677f\u584a\u662f\u5426\u51fa\u73fe\u66f4\u5feb\u7684\u8cc7\u91d1\u6d41\u5165\u4f5c\u5c0d\u7167\uff0c\u4ee5\u8861\u91cf\u5009\u4f4d\u5c0d\u901a\u8139\u7684\u654f\u611f\u5ea6\u3002<\/p>\n

\u9019\u7a2e\u812b\u7bc0\u5728 5 \u6708\u6d6e\u73fe\uff1a\u7576\u6642\u80fd\u6e90\u50f9\u683c\u8d70\u5f31\u4ee4\u76c8\u8667\u5e73\u8861\u901a\u8139\u56de\u843d\uff0c\u60df\u8207\u9ad8\u901a\u8139\u76f8\u95dc\u5ea6\u7684\u884c\u696d\u7d44\u5225\u4e26\u672a\u51fa\u73fe\u76f8\u61c9\u7684\u8cc7\u91d1\u6d41\u51fa\u3002\u901a\u8139\u76f8\u95dc\u80a1\u7968\u8cc7\u91d1\u6d41\u8207 breakeven \u4e4b\u9593\u7684\u5dee\u8ddd\uff0c\u76ee\u524d\u64f4\u5927\u81f3 18 \u500b\u6708\u4ee5\u4f86\u6700\u95ca\uff0c\u53cd\u6620\u7531\u80fd\u6e90\u5e36\u52d5\u7684\u53cd\u901a\u8139\uff08disinflation\uff09\u5c1a\u672a\u8f49\u5316\u70ba\u8de8\u677f\u584a\u66f4\u5ee3\u6cdb\u7684\u901a\u8139\u655e\u53e3\u4e0b\u964d\u3002\u8cc7\u91d1\u6d41\u4ecd\u504f\u9632\u5b88\uff0c\u53cd\u6620\u5e02\u5834\u6301\u7e8c\u805a\u7126\u52de\u52d5\u529b\u5e02\u5834\u52d5\u614b\uff0c\u4ee5\u53ca\u8207\u79d1\u6280\u9a45\u52d5\u6295\u8cc7\u76f8\u95dc\u7684\u50f9\u683c\u58d3\u529b\uff1b\u540c\u6642\uff0c\u91d1\u878d\u74b0\u5883\u8f49\u9b06\u88ab\u8996\u70ba\u53ef\u63d0\u4f9b\u652f\u6301\uff0c\u524d\u63d0\u662f\u901a\u8139\u8f49\u5f31\u6e90\u65bc\u4f9b\u7d66\u7aef\u6b63\u5e38\u5316\uff0c\u800c\u975e\u9700\u6c42\u8f49\u5dee\u3002<\/p>\n

Persistent Inflation Concerns Despite Lower Breakevens<\/h3>\n

\u6211\u5011\u6b63\u770b\u5230\u5e02\u5834\u51fa\u73fe\u660e\u986f\u812b\u7bc0\uff1a\u96d6\u7136\u80fd\u6e90\u8f49\u5e73\u4ee4\u901a\u8139\u9810\u671f\u4e0b\u964d\uff0c\u4f46\u80a1\u7968\u8cc7\u91d1\u6d41\u7684\u90e8\u7f72\u4ecd\u53cd\u6620\u6295\u8cc7\u8005\u9810\u671f\u50f9\u683c\u58d3\u529b\u5c07\u66f4\u6301\u4e45\u3002\u6295\u8cc7\u8005\u5009\u4f4d\u8207\u5e02\u5834\u5b9a\u50f9\u901a\u8139\u4e4b\u9593\u7684\u88c2\u53e3\uff0c\u5df2\u64f4\u5927\u81f3\u81ea 2025 \u5e74\u521d\u4ee5\u4f86\u6700\u95ca\u3002<\/p>\n

\u9019\u53cd\u6620\u5e02\u5834\u6182\u616e\u901a\u8139\u4f86\u6e90\u4e26\u975e\u53ea\u5728\u80fd\u6e90\uff0c\u800c\u662f\u5305\u62ec\u52de\u52d5\u529b\u6210\u672c\u53ca\u79d1\u6280\u6295\u8cc7\u7b49\u3002\u4e0a\u5468\u516c\u5e03\u7684 6 \u6708\u5c31\u696d\u5831\u544a\u4ea6\u652f\u6301\u6b64\u89c0\u9ede\uff0c\u5e73\u5747\u6642\u85aa\u6309\u5e74\u589e\u5e45\u4ecd\u7136\u9811\u56fa\u7dad\u6301\u5728 4.1%\u3002\u6838\u5fc3\u901a\u8139\u4ea6\u4f9d\u7136\u9ecf\u6027\u504f\u9ad8\uff0c\u6700\u65b0\u5831\u544a\u5831 3.6%\uff0c\u986f\u793a\u57fa\u672c\u50f9\u683c\u58d3\u529b\u6d88\u9000\u901f\u5ea6\u672a\u5982\u6574\u9ad4\u901a\u8139\u6578\u5b57\u6240\u6697\u793a\u822c\u5feb\u3002<\/p>\n

Derivative Strategies In An Uncertain Macro Environment<\/h3>\n

\u5c0d\u884d\u751f\u5de5\u5177\u4ea4\u6613\u54e1\u800c\u8a00\uff0c\u9019\u7a2e\u62c9\u626f\u610f\u5473\u96b1\u542b\u6ce2\u52d5\u7387\u6599\u4ecd\u7dad\u6301\u504f\u9ad8\u6c34\u5e73\uff0c\u5c24\u5176\u5728\u5c0d\u5229\u7387\u66f4\u654f\u611f\u7684\u677f\u584a\u3002\u6211\u5011\u770b\u5230\u4e00\u500b\u6a5f\u6703\u662f\u5728\u6a19\u666e 500 \u7b49\u5ee3\u6cdb\u6307\u6578\u4e0a\uff0c\u6cbd\u51fa\u77ed\u5e74\u671f\u3001\u50f9\u5916\uff08out-of-the-money\uff09\u8a8d\u6cbd\u671f\u6b0a\u3002\u6b64\u7b56\u7565\u53ef\u5728\u5e02\u5834\u6050\u614c\u60c5\u7dd2\u8f03\u9ad8\u4e0b\u6536\u53d6\u671f\u6b0a\u91d1\uff0c\u540c\u6642\u62bc\u6ce8\u91d1\u878d\u74b0\u5883\u8f49\u9b06\u77ed\u671f\u5167\u61c9\u53ef\u907f\u514d\u51fa\u73fe\u5927\u5e45\u56de\u8abf\u3002<\/p>\n

\u6211\u5011\u4ea6\u8a8d\u70ba\u53ef\u900f\u904e\u671f\u6b0a\u8868\u9054\u5c0d\u901a\u8139 beta \u8f03\u9ad8\u677f\u584a\uff08\u5982\u5de5\u696d\u53ca\u539f\u6750\u6599\uff09\u7684\u89c0\u9ede\u3002\u4f8b\u5982\u8cb7\u5165\u884c\u696d ETF\uff08\u5982 XLI\uff09\u7684\u8a8d\u8cfc\u50f9\u5dee\uff08call spread\uff09\uff0c\u53ef\u7528\u8f03\u5177\u6210\u672c\u6548\u76ca\u7684\u65b9\u5f0f\u7372\u53d6\u4e0a\u884c\u655e\u53e3\uff0c\u4e26\u8207\u89c0\u5bdf\u5230\u7684\u9632\u5b88\u578b\u8cc7\u91d1\u6d41\u53ca\u6295\u8cc7\u8005\u4e0d\u9858\u5927\u5e45\u524a\u6e1b\u901a\u8139\u5c0d\u6c96\u7684\u60c5\u6cc1\u4e00\u81f4\u3002<\/p>\n

\u9019\u60c5\u6cc1\u8207 2022 \u5e74\u672b\u7684\u6ce2\u52d5\u5e02\u6cc1\u76f8\u4f3c\uff0c\u7576\u6642\u6295\u8cc7\u8005\u5728\u521d\u671f\u901a\u8139\u885d\u64ca\u5f8c\uff0c\u96e3\u4ee5\u70ba\u806f\u5132\u5c40\u653f\u7b56\u8def\u5f91\u5b9a\u50f9\uff0c\u5e02\u5834\u9577\u6642\u9593\u7dad\u6301\u5340\u9593\u4e0a\u843d\uff1b\u5c0d\u6cbd\u51fa\u6ce2\u52d5\u7387\u7684\u7b56\u7565\u800c\u8a00\uff0c\u8a72\u6bb5\u6642\u9593\u5f80\u5f80\u8f03\u6709\u5229\u3002\u9451\u65bc\u76ee\u524d\u5b8f\u89c0\u4e0d\u78ba\u5b9a\u6027\u4ecd\u9ad8\uff0c\u6211\u5011\u8a8d\u70ba\u5728\u672a\u4f86\u6578\u5468\uff0c\u6307\u6578\u4e0a\u7684\u9435\u5140\u9df9\uff08iron condor\uff09\u7b49\u7b56\u7565\u6216\u6709\u4e0d\u4fd7\u8868\u73fe\u3002<\/p>\n

\u70ba\u5c0d\u6c96\u300c\u8868\u9762\u4e0a\u901a\u8139\u9ecf\u6027\u63a9\u84cb\u9700\u6c42\u6025\u632b\u300d\u7684\u98a8\u96aa\uff0c\u6211\u5011\u6b63\u95dc\u6ce8\u8cb7\u5165\u8f03\u9577\u5e74\u671f\u7684\u975e\u5fc5\u9700\u6d88\u8cbb\uff08consumer discretionary\uff09\u80a1\u4efd\u8a8d\u6cbd\u671f\u6b0a\u3002\u82e5\u5e02\u5834\u6558\u4e8b\u7531\u300c\u901a\u8139\u9ecf\u6027\u300d\u8f49\u70ba\u300c\u7d93\u6fdf\u5be6\u8cea\u653e\u7de9\u300d\uff0c\u6b64\u8209\u53ef\u63d0\u4f9b\u76f8\u5c0d\u4fbf\u5b9c\u7684\u6295\u8cc7\u7d44\u5408\u4fdd\u8b77\uff0c\u4ea6\u662f\u9632\u7bc4\u7576\u524d\u53cd\u901a\u8139\u4e26\u975e\u5982\u8868\u9762\u822c\u6eab\u548c\u7684\u95dc\u9375\u5c0d\u6c96\u63aa\u65bd\u3002<\/p>\n\n\n\n

\u7acb\u5373\u958b\u59cb\u4ea4\u6613 \u2014 \u9ede\u64ca\u6b64\u8655<\/a>\u958b\u8a2d\u60a8\u7684 VT Markets \u771f\u5be6\u8cec\u6236\u3002<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

BNY iFlow\uff1a\u5169\u5e74\u671f\u76c8\u8667\u5e73\u8861\u901a\u8139\u56de\u843d\uff0c\u60df\u7f8e\u80a1\u8cc7\u91d1\u4ecd\u504f\u901a\u8139\u5c0d\u6c96\uff0c18\u500b\u6708\u88c2\u53e3\u6700\u95ca\uff1b\u6599\u96b1\u6ce2\u9ad8\u4f01\uff0c\u5b9c\u6cbd\u6a19\u6307\u50f9\u5916\u77ed\u671f\u8a8d\u6cbd\u3001XLI\u8a8d\u8cfc\u50f9\u5dee\uff0c\u517c\u9632\u9700\u8f49\u5f31\u3002<\/p>\n","protected":false},"author":87,"featured_media":50694,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-51510","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/51510","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=51510"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/51510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media\/50694"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=51510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=51510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=51510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}