Group 1 - The Federal Reserve's July meeting minutes reflect a stubborn hawkish stance, emphasizing economic resilience and the potential inflationary impact of tariffs, despite signs of economic slowdown [1] - The minutes set the tone for Powell's upcoming speech, suggesting a neutral to hawkish approach with flexibility, as the market anticipates clearer direction from the Jackson Hole meeting [2] - Following the release of the minutes, U.S. Treasury yields rose across the board, indicating a market in a state of indecision, with the ten-year yield hovering around 4.3% [2] Group 2 - In contrast to the U.S., the UK bond market saw yields rise despite higher-than-expected CPI, as investors bet on peak inflation, with a significant yield advantage over U.S. Treasuries [3] - The upcoming UK budget announcement and potential faster quantitative tightening by the Bank of England could introduce market volatility, although a slowing job market may open up room for rate cuts next year [4] - Eurozone interest rates are on a slow upward trend due to improving macroeconomic conditions, with reduced expectations for ECB rate cuts, supported by potential fiscal stimulus in Germany [4]
KVB plus：美联储纪要“过时”却偏鹰，市场等鲍威尔“发令枪”？
Sou Hu Cai Jing·2025-08-21 07:33