现年59岁的博斯蒂克自2017年出任亚特兰大联储掌门人，是首位担任地区联储行长的非裔美国人，也是首位公开同性恋身份的地区联储行长。亚特兰大联 储在一份声明中表示，他将于明年2月28日卸任。 【导读】 亚特兰大联储行长博斯蒂克表示，他将在明年2月份任期届满时离任 中国基金报记者 泰勒 大家好，关注一则美联储的消息。 亚特兰大联储行长拉斐尔·博斯蒂克宣布，将在现任任期于明年2月结束时退休。 美联储主席鲍威尔在一份声明中表示，能与博斯蒂克"并肩服务"是"荣幸"，他为政策讨论带来了"沉稳的声音"。鲍威尔称："他的领导力强化了我们的机 构，并推进了美联储的使命。" 今夜，暴涨！创新高！ 博斯蒂克在周三的声明中表示："我为任期内我们所取得的成就感到自豪——把'让经济为所有人服务'这一宏伟目标更多地变为现实。我也期待在我的下 一篇章中，探索以新的方式推进这一大胆愿景。" 今年以来，博斯蒂克一直直言不讳地谈及通胀持续的风险，敦促同僚在降息问题上保持谨慎，并警惕关税可能带来的影响。 尽管他今年无权对货币政策决策进行投票，博斯蒂克表示支持美联储在9月和10月实施的两次降息。但他强调，只要通胀仍高于央行2%的目标，货币政策 就应保 ...

波士顿联储主席柯林斯周三表示，虽然她在上月支持降息，短期内进一步宽松的门槛"相对较高"，主要 原因是通胀依然高企，而劳动力市场尚未出现明显恶化。 柯林斯在波士顿银行家会议上发表的书面讲话中指出："除非出现明显的就业市场疲软迹象，否则我将 对进一步放松货币政策持谨慎态度，尤其是在政府停摆导致我们缺乏足够通胀数据的情况下。"她补充 称："在当前高度不确定的环境下，保持利率在现有水平一段时间，可能更有助于平衡通胀与就业的风 险。" 柯林斯的言论凸显出美联储内部对未来政策路径的分歧正在加深。美联储主席鲍威尔两周前曾警告称， 尽管上月的降息决定获得"多数支持"，但12月是否再次降息"远未成定局"。 在10月会议上，美联储将基准利率区间下调25个基点至3.75%-4.00%，但出现两名异议者，堪萨斯城联 储主席施密德希望维持利率不变，而理事米兰则主张降息50个基点，认为通胀下降速度被市场低估。 此外，非投票委员中也存在分歧。亚特兰大联储主席博斯蒂克倾向于"暂缓降息"，而旧金山联储主席戴 利则呼吁保持"开放心态"。 柯林斯指出，当前短期利率水平对经济来说仍属"温和紧缩"，但整体金融条件对增长构成一定支撑。她 承认劳动力市场 ...

美联储理事米兰周三再次表示，他预计通胀将回落，并再次呼吁降低利率。米兰说："我认为我们必须 把货币政策调整到位——让它摆脱过于紧缩的状态，从而消除部分经济下行风险。"米兰预计在其美联 储理事任期于明年1月结束后，将重返白宫经济顾问职位。他在美联储最近两次利率决策会议上均投下 反对票，主张降息50个基点，而非美联储最终实施的25个基点降息。米兰还警告不要"从表面"解读通胀 数据。（格隆汇） ...

美联储米兰：我们保持独立性的唯一途径是不参与货币政策以外的事务。 来源：滚动播报 ...

美联储主席鲍威尔周三在声明中表示，能与博斯蒂克共事是一种"荣幸"，称其在政策讨论中声音稳健， 其领导强化了美联储机构并推动了使命的实现。 博斯蒂克则表示，他为自己在亚特兰大联储任职期间取得的成就感到自豪。他在周三的声明中说： "我为任期内取得的成就感到自豪。我们让惠及全民的经济这个崇高目标更趋现实。我期待 在我的下一个篇章中探索新途径来推动这一宏伟愿景。" 博斯蒂克决定退休的时间点，正值美联储华盛顿总部的七名理事成员需共同批准系统内12家地区联储主 席的新一轮五年任期，任期将自明年3月1日起生效。 亚特兰大联储主席博斯蒂克（Raphael Bostic）周三表示，他将在当前五年任期于明年2月底届满时退 休。亚特兰大联储在声明中表示，博斯蒂克将于2026年2月28日卸任。 三年前，博斯蒂克因披露自己未遵守美联储高级官员个人金融交易相关规定而受到审查。当时，他仍获 得了董事会的支持。同年，另有两位地区联储主席因财务问题接受调查后辞职。 美联储监察长去年发布的一份报告指出，博斯蒂克违反了相关政策，造成"似乎基于机密信息行事"的印 象，但调查并未发现他确实利用了内部消息进行交易的证据。 博斯蒂克于2017年出任亚特兰 ...

Core Viewpoint - The People's Bank of China emphasizes the need for a balanced monetary policy that supports economic growth while managing risks, aiming for a stable economic environment and achieving a 5% growth target for the year [1][2]. Group 1: Monetary Policy Strategy - The central bank plans to implement a moderately loose monetary policy to maintain relatively relaxed social financing conditions, adjusting according to economic and financial conditions [2][3]. - The report highlights the importance of monitoring liquidity supply and demand in the banking system and financial markets, using various monetary policy tools to ensure ample liquidity [2][3]. Group 2: Financial Resource Management - The focus is on revitalizing existing financial resources rather than merely increasing credit volume, aligning with the transition from high-speed to high-quality economic development [3][4]. - The current balance of RMB loans is 270 trillion yuan, and the total social financing stock is 437 trillion yuan, indicating a shift in financing structure and the need for more attention to social financing scale [3][4]. Group 3: Interest Rate Relationships - The report discusses the necessity of maintaining reasonable interest rate relationships to enhance the effectiveness of monetary policy and reduce arbitrage opportunities [4][5]. - Various interest rate relationships are outlined, including those between central bank policy rates and market rates, as well as between different asset types and risk levels [4][5]. Group 4: Capital Market Dynamics - There is a perception that the slowdown in deposit growth is due to funds moving to the stock market, although this is seen as a redistribution of deposits rather than a net decrease [5]. - The adjustment in asset allocation is explained by changes in return rates and price relationships among different assets, influenced by the market-driven interest rate system [5].

Economic Outlook - The current monetary policy is viewed as too restrictive, which may hinder economic growth and job creation [2][6][12] - There is a concern regarding the impact of AI on the labor market, with reports indicating significant job redundancies due to technological advancements [3][10][11] Labor Market Insights - Recent revisions in job data indicate a loss of approximately 1.5 million jobs over 2024 and 2025, suggesting weaker job growth than previously thought [4][5] - The productivity growth has been higher than expected, but job-fueled growth has been lower, raising concerns about the overall health of the labor market [5][10] Sector-Specific Implications - Interest rate-sensitive sectors, particularly real estate and mortgage finance, may benefit from a more stimulative monetary policy, potentially leading to job creation in those areas [6][8] - The ongoing productivity advancements, while beneficial, may lead to a "creative destruction" effect in the labor market, causing discontent among workers who feel excluded from the productivity gains [10][11] Inflation and Monetary Policy - The discussion around inflation is shifting from a traditional view to a focus on price levels, with concerns that easing monetary policy could reignite inflation, particularly in the services sector [9][16] - The Federal Reserve's current stance reflects a debate between supply-side and demand-side economic theories, with a need for a more balanced approach to address labor market consequences [12][13]

日元兑美元汇率跌至155，创今年2月以来新低，预计将促使东京官员行使口头干预以遏制汇率下滑。周 三纽约早盘，日元一度下跌0.6%，至1美元兑155.04日元，随后略有回升。市场担忧，若这一趋势持 续，可能引发日本政府干预。10月份日元兑美元累计贬值约4%，在G10货币中表现最弱。市场押注首 相高市早苗倾向宽松货币政策与财政扩张并行。 ...

格隆汇11月12日｜美联储博斯蒂克宣布，他计划在明年二月他的当前任期结束时退休，美联储主席鲍威 尔的任期将于五月结束。59岁的博斯蒂克于2017年开始掌舵亚特兰大联储，他是首位领导地区联储银行 的非裔美国人。博斯蒂克今年一直直言不讳地谈论持续通胀的风险，敦促他的同事们在降低利率时保持 谨慎，并警惕关税的潜在影响。虽然他今年没有对货币政策决定进行投票，但博斯蒂克表示，他支持美 联储在九月和十月的两次降息。然而，他强调，在通胀仍高于央行2%的目标时，货币政策应保持限制 性。 来源：格隆汇APP ...

Report Title - "Bond Daily Report: Emphasize the Transmission of Monetary Policy and Balance the Interest Rate Parity Relationship - Interpretation of the 2025 Q3 Monetary Policy Report" [1] Report Summary - On November 12, 2025, the central bank released the Q3 2025 Monetary Policy Implementation Report. The overall tone has changed, with liquidity, entity financing, cost reduction, exchange rate, and interest rate policies all showing corresponding adjustments [6]. Industry Investment Rating - Not provided in the report. Core Viewpoints - The report sends a strong signal for steady growth, is more cautious about the external situation, and strengthens the demand for steady growth led by domestic demand. The policy tone has been adjusted, and the possibility of front - loaded monetary policy next year cannot be ruled out. Although the statement of "preventing capital idling" is removed, the space for significant easing is limited. It also guides the market to rationally view the credit growth rate affected by factors such as debt replacement and proposes to maintain a "reasonable interest rate parity relationship" [3][32]. Summaries According to the Table of Contents 1. Focus on Steady Growth and Acknowledge the Improvement in Price Operation - Be cautious about the external situation and have a strong demand for domestic steady growth and stable expectations. The description of the external environment has become more cautious, and more emphasis is placed on expanding domestic demand in the internal environment. The report describes price operation more positively, acknowledging the marginal changes in CPI and PPI and also emphasizing long - term supply - demand contradictions [3][7][8] 2. Change from "Implementing in Detail" to "Implementing Well", and from "Counter - cyclical" to "Counter - cyclical and Cross - cyclical" - "Implementing in detail" is changed to "implementing well", and "counter - cyclical adjustment" is adjusted to "counter - cyclical and cross - cyclical adjustment". This does not mean that the window for aggregate easing is completely closed [3][11] 3. Do Not Mention "Preventing Capital Idling", but Still Pay Attention to Overnight Fund Operation - The statement of "preventing capital idling" is not mentioned, but the control over the money market is strengthened, and it is difficult to expect a significant loosening of capital prices. The operation time of outright repurchase and MLF is clearly defined [3][14][15] 4. Maintain a Reasonable Growth of Financial Aggregates and Pay More Attention to Social Financing and Money Supply - Emphasize maintaining a reasonable growth of financial aggregates, mainly focusing on social financing scale and money supply. The credit growth rate has declined due to the crowding - out effect of replacement bonds. Continue to promote the reduction of the comprehensive social financing cost and pay attention to stabilizing the net interest margin of banks [3][19][20] 5. Exchange Rate Pressure Eases, and the Statement of "Three Resolves" Fades - In the exchange rate statement, the emphasis is on preventing exchange rate over - adjustment risks, and the statement of "three resolves" is faded, indicating that the pressure on the RMB exchange rate has eased [3][23] 6. Do Not Directly Mention "Pay Attention to the Trend of Long - term Interest Rates", but Emphasize Maintaining a Reasonable Interest Rate Parity - The text does not directly mention "pay attention to the trend of long - term yields", but proposes to balance the interest rate parity relationship of each group to smooth the transmission of monetary policy, and lists several key interest rate relationships [3][27]