2025年10月9日，为维护银行体系流动性合理充裕，中国人民银行以利率招标方式开展11000 亿元3个月期买断式逆回购操作。鉴于10月份有8000亿元同期限逆回购到期，此次操作实现净 投放3000亿元中期流动性。央行开展如此大规模的逆回购操作，不仅是技术上的流动性管理， 更具有深刻的政策信号意义。这一操作清晰释放出央行积极应对潜在流动性缺口、稳固资金面 的明确信号，蕴含着稳增长、稳预期与防风险的多重考量。 央行选择在节后首个工作日立即出手，是对10月份乃至第四季度复杂流动性形势的前瞻性、针 对性应对，凸显了在复杂内外环境下货币政策精准调控、有的放矢的取向。这次操作背后，皆 在应对资金面潜在三重收紧压力。 首先，政府债券较大规模发行引起市场资金趋紧。 9月份全国共发行地方债12843亿元，净融 资额为11056亿元，发行量和净融资额均创年内新高。按照计划，今年新增地方债和超长期特 别国债均在10月份发行完毕，将继续吸纳市场资金。央行开展逆回购操作，精准地对冲政府债 券大规模发行带来的流动性压力，这是货币政策与财政政策协同、稳定市场预期的关键之举。 其次，政策性工具发力引致资金需求上升。 9月29日，国家发改委宣 ...

久期财经讯，10月10日，据悉，美国联邦储备委员会理事巴尔周四表示，美联储在进一步降息时应保持谨慎，以便有更多时间观察经济数据并评估通胀与就 业市场风险的平衡。他在明尼苏达州经济俱乐部发表讲话时指出，当前通胀仍具上行压力，而劳动力市场则显现出一定疲软迹象，使货币政策面临"两难局 面"。 巴尔称，他支持上月联邦公开市场委员会(FOMC)将政策利率下调0.25个百分点的决定，但强调此举并不意味着应展开一系列连续降息。他警告说，特朗普 政府新一轮关税措施可能推高物价，使通胀回落更为困难。根据他的预测，美联储核心个人消费支出(PCE)物价指数年末将升至3%以上，而总体通胀可能要 到2027年底才能降回2%的目标水平。 巴尔指出，尽管企业目前尚未完全将关税成本转嫁给消费者，其未来恢复利润率的计划意味着价格上升可能持续更久，形成"缓慢但持续"的通胀上行趋势。 他警告，这种情况可能让消费者更加确信高通胀将成为常态。 今日，共1家公司评级获机构更新： 数据来源：久期财经 天誉置业(00059.HK)发布公告，百慕达最高法院商事法庭首席法官将呈请的聆讯押后至2025年11月14日(百慕达时间)进行审理。 富力地产(02777. ...

Core Viewpoint - The U.S. Treasury Secretary has narrowed down the list of candidates for the Federal Reserve Chair from 11 to 5, with the final selection expected to be nominated by President Trump as early as January 2026 [1][3]. Candidate Profiles - **Michelle Bowman**: Current Vice Chair for Supervision at the Federal Reserve, familiar with regulatory affairs [2]. - **Christopher Waller**: Current Fed Governor, known for hawkish monetary policy views and strong academic background [2]. - **Kevin Hassett**: Director of the National Economic Council, former White House economic advisor with a Republican background [2]. - **Kevin Warsh**: Former Fed Governor (2006-2011), criticized quantitative easing, previously an executive at Morgan Stanley [2]. - **Rick Rieder**: Chief Investment Officer of Fixed Income at BlackRock, a Wall Street veteran with significant market influence but no prior Fed experience [2]. Selection Process - Secretary Becerra will lead a new round of interviews for the five candidates, with the process expected to conclude after Thanksgiving due to upcoming international engagements [3]. - A streamlined recommendation list will be submitted to President Trump after the interviews, with the final decision resting with him [3]. Candidate Standards - Becerra prefers candidates with experience in economics, monetary policy, banking regulation, and management, who are open to new ideas regarding Fed operations and monetary policy [4]. - No candidate currently stands out as a clear favorite, but Rieder has made a strong impression due to his extensive experience in fixed income markets [4]. Candidate Views on Monetary Policy - **Michelle Bowman**: Advocates for a proactive monetary policy approach, suggesting that the Fed should act decisively in response to economic conditions, with a preference for a gradual adjustment of interest rates [5][6]. - **Christopher Waller**: Supports interest rate cuts but emphasizes caution in policy actions due to mixed economic signals [8][9]. - **Kevin Hassett**: Stresses the importance of Fed independence from political influence while supporting a comprehensive review of the Fed's mission and policies [10][11]. - **Kevin Warsh**: Calls for a complete overhaul of the Fed to restore its credibility, criticizing current leadership for failing to maintain appropriate interest rates [13][14]. - **Rick Rieder**: Believes there is room for about 100 basis points of rate cuts and questions the diminishing impact of tariffs on inflation [17][18].

加密货币，全线大跌！ 在美国关税政策反复无常、美国联邦政府"停摆"持续的背景下，投机属性较强的加密货币市场迎来大跌行情。刚刚过 去的24小时内，比特币跌幅一度暴跌近15%，以太坊一度跌超20%，其他市值更小的加密货币也纷纷大跌。 此次急速大跳水，又导致不少人爆仓。coinglass数据显示，过去24小时，加密货币全网合约爆仓超190亿美元，爆仓人 数高达162万人，其中九成为多单爆仓。 加密货币集体暴跌 随着美股市场的跳水，加密货币市场也迎来暴跌。过去24小时内，比特币一度从12.2万美元的位置直线跳水至10.39万 美元，跌幅接近15%；以太坊一度从4363美元跳水至3468美元，跌幅超过20%。艾达币、BNB、XRP等纷纷重挫。 截至记者发稿时，比特币跌6.48%报11.38万美元，以太坊跌超11%报3872美元，BNB跌超10%，Solana跌超12%，XRP 跌近15%，艾达币、狗狗币跌超20%。 隔夜（10月10日），美股市场也大幅跳水，纳指跌幅超过3.5%。加密货币概念股集体重挫，Coinbase、MARA跌近 8%，Circle跌超11%，Robinhood跌近9%，MicroStrategy跌 ...

Core Viewpoint - The People's Bank of China (PBOC) conducted a significant 1.1 trillion yuan three-month reverse repurchase operation to maintain adequate liquidity in the banking system, signaling proactive measures to address potential liquidity shortages and stabilize market expectations [1][2][3] Group 1: Liquidity Management - The PBOC's operation resulted in a net liquidity injection of 300 billion yuan, countering the 800 billion yuan in reverse repos maturing in October [1] - The large-scale reverse repo operation is a strategic response to the tightening liquidity caused by substantial government bond issuances, with local bonds reaching a record issuance of 1.2843 trillion yuan in September [1][2] - The operation reflects a coordinated effort between monetary and fiscal policies to stabilize market expectations amid complex internal and external environments [1][3] Group 2: Structural Pressures - The introduction of new policy financial tools by the National Development and Reform Commission is expected to increase funding demand, necessitating significant loans from commercial banks, which could create structural liquidity pressures [2] - Seasonal factors, such as increased cash demand during the National Day and Mid-Autumn Festival, along with higher fiscal deposits, contribute to short-term liquidity tightening [2] Group 3: Policy Framework - The choice of a buyout reverse repo over traditional tools offers advantages such as longer terms and no collateral requirements, providing stable medium-term funding support [3] - The PBOC's recent actions are part of a broader trend of increasing liquidity support since the second half of 2025, indicating a commitment to maintaining ample liquidity in the banking system [3][4] - Future policies are expected to focus on fiscal strength and monetary easing, with a likelihood of continued use of reverse repos and medium-term lending facilities (MLF) to inject liquidity [4] Group 4: Coordination of Policies - The collaboration between fiscal and monetary policies is anticipated to enhance economic development, with government bonds serving as a core link in this coordination [4] - The PBOC is expected to continue using government bond transactions to manage liquidity, promoting healthy bond market development and improving monetary policy transmission efficiency [4]

as he just withdrew his name from consideration. Let's talk about all of that with Larry Lindsay. Mr.. Lindsay, it's so great to have you here with me. I guess just to start off on that news, uh can you explain to us why indeed you withdrew your name and was it indeed a withdrawal on your behalf. Oh yes.Um uh I uh thought very hard about my life. I like my current life. I'm very involved with my children.I have a granddaughter. I enjoy my job. I started this company when I left government 22 years ago.Um, I ...

（原标题：科特迪瓦在西非经货联盟区域市场成功发行15年期债券） 西非经济门户网10月9日报道，科特迪瓦在西非经货联盟区域市场成功发行15年期债券，共筹集 3960亿西非法郎（约7亿美元），超过3600亿西非法郎的初始目标，不仅展现了科长期调动本地货币资 源的能力，也反映出投资者对科持续的兴趣和信心。科此次发债为各国开辟了新的前景，事实上，早在 疫情期间，西非央行为发展地区经济、支持各国公共财政，曾将主要基准利率降至2%，然而自2022年6 月以来，央行为应对通货膨胀收紧了货币政策，主要政策利率在2024年达到3.5%的高位，目前降至 3.25%。科在此条件下成功发行长期债券，清晰地展现了市场前景，带动和鼓励各国政府重视利用长期 债券改善公共债务结构。 ...

10月9日，Shibor短端品种多数下行，其中隔夜品种下行5.7BP,回到1.3%附近，市场资金面转松。 国庆中秋长假后首个交易日，国债期货价格普遍上涨，10年期国债收益率下行1BP，至1.77%，主要是 央行加大公开市场操作力度，市场资金面转松，支撑国债期货价格企稳。 总体上，随着9月份美联储重启降息，加上10月份美国政府"停摆"，市场预计美联储10月降息25个基点 的概率大幅提升，同时预计明年底利率中枢将回到3%左右。美联储重启降息后，一方面将缩小中美利 差，提升了人民币债券的吸引力；另一方面，将缓解人民币汇率的压力，为国内货币政策提供更大的操 作空间。 图为上海银行间同业拆放利率走势（单位：%） 9月30日收盘后，央行公布了公开市场买断式逆回购招标公告。为保持银行体系流动性充裕，10月9日央 行以固定数量、利率招标、多重价位中标方式开展11000亿元买断式逆回购操作，期限为3个月（91 天），对冲10月到期的8000亿元3个月期买断式逆回购后，当月加量续作3000亿元。此举表明央行呵护 市场流动性态度明显，有利于稳定市场预期。此外，央行同日以固定利率、数量招标方式开展了6120亿 元7天期逆回购操作，当 ...

Market Overview - The U.S. stock market experienced a sharp decline on Friday, with the S&P 500 index dropping by 1.5% and the Nasdaq index falling by 2.2%. The Dow Jones Industrial Average saw a drop of over 500 points at one point, exceeding a 1% decline [2] - European markets also faced losses, with the FTSE 100 down by 0.92%, CAC 40 down by 1.09%, and DAX down by 1.26% [4] Supply Chain Concerns - Negative comments regarding supply chains triggered fears of potential impacts on the global high-tech industry, leading to a significant market sell-off. Analysts noted that any tightening in supply chains could have cascading effects in sectors such as new energy, electronics, and defense [6] - The market's trading logic shifted dramatically, with discussions around corporate earnings and interest rate cuts overshadowed by concerns over resource control [6] Technology Sector Impact - Technology stocks were hit hardest, with Nvidia down over 2.5%, AMD plummeting 7%, and Tesla declining approximately 2%. These companies are crucial in the global chip, AI, and electric vehicle markets, and any supply chain disruptions could directly affect their production costs and profit margins [7] - The Nasdaq index fell nearly 3% within an hour, reaching a two-week low, as liquidity in the market appeared to dry up, triggering multiple automatic stop-loss orders [7] Investor Sentiment and Market Dynamics - The sell-off was exacerbated by a fragile emotional environment among investors, influenced by multiple political risk events earlier in the year. The ongoing U.S. government shutdown, now in its tenth day, has raised concerns about its impact on economic data and corporate earnings [8] - Investment banks have indicated that the combination of government shutdown and trade tensions has created a "double uncertainty" for investors, leading to a rapid cooling of market expectations ahead of the earnings season [8] Technical Analysis and Future Outlook - Technical indicators for the Nasdaq showed bearish signals, with the MACD indicator displaying a death cross and the RSI falling below 50, indicating weakened buying power. Meanwhile, gold and silver prices saw slight increases, suggesting a shift of some risk-averse funds towards precious metals [8] - Futures contracts for the S&P 500 continued to decline post-market, indicating a pessimistic outlook for the upcoming week. Several investment banks have lowered short-term price targets and advised clients to maintain defensive positions [9]

据报道，美联储理事沃勒表示，目前各项数据都在传递同一个信号，即劳动力市场表现不佳；CPI数据 将对即将召开的会议大有帮助；如果通胀抬头后又回落，这不应影响货币政策；美联储需要降息，但需 谨慎为之；对即将召开的会议上的25个基点降息持开放态度。 ...