鲍威尔给宽松预期急刹车，美债市场下跌后陷入横盘

Core Viewpoint - The U.S. Treasury market experienced a significant drop followed by a period of consolidation after Federal Reserve Chairman Jerome Powell's remarks raised doubts about a potential third consecutive rate cut in December [1] Group 1: Market Reaction - The 10-year U.S. Treasury yield remained flat at 4.08% on Thursday, after surging by 10 basis points the previous trading day [1] - Following the Fed's decision to cut rates by 25 basis points, Powell's statement that further cuts this year are "far from guaranteed" dampened expectations for aggressive monetary easing [1] Group 2: Market Sentiment - Nicholas Mastoyani, a portfolio manager at Western Asset Management, noted that Powell's reaffirmation of "inflation still above target and a cooling but not collapsing labor market" created a hawkish tone that put the market at a disadvantage [1] - Futures markets indicated that traders' pricing for another rate cut by year-end plummeted from approximately 90% before the meeting to 60% afterward, reflecting an implied additional cut of about 15 basis points [1]