早盘报价：美联储缺乏明确性后，欧洲央行下一步上涨。Kevin Buckland展望欧洲和全球市场未来一天

Morning Bid: ECB up next after Fed lacks clarity.A look at the day ahead in European and global markets from Kevin Buckland

美联储昨天的结论是什么？。联邦公开市场委员会会议的决定正如预期的那样，美联储也没有对3月份的下一个决定采取新的做法。交易员现在预计下一次降息将在6月进行，全年降息约47个基点。

What's the takeaway from the Fed yesterday?.The FOMC meeting decision was as expected and the Fed made no new approaches to their next decision in March as well. Traders are now seeing the next rate cut to be for June with ~47 bps of rate cuts priced in for the year as a whole.

周四，美国10年期国债收益率稳定在4.54%左右，从美联储保持利率不变并承认通胀仍“有所上升”后的前一交易日的波动中恢复过来。美联储还强调，经济增长和劳动力市场仍处于健康状态，同时删除了之前提到的在通胀方面取得“进展”的说法。然而，美联储主席杰罗姆·鲍威尔在会后新闻发布会上表示，仍在取得进展，这意味着仍有很大的削减空间。市场目前预计今年将两次降息25个基点，尽管对第一次降息的预期已从6月转移到7月。

The yield on the US 10-year Treasury note held steady at around 4.54% on Thursday, recovering from the volatility seen in the previous session after the Federal Reserve kept interest rates unchanged and acknowledged that inflation remains “somewhat elevated.” The central bank also highlighted that both growth and the labor market remain in a healthy position, while removing its previous reference to making “progress” on inflation. However, Fed Chair Jerome Powell said in the post-meeting press conference that progress was still being made implied that there was still plenty of scope to cut. Markets are currently pricing in two 25 basis point reductions this year, though expectations for the first cut have shifted from June to July.

周四，美元指数在前一天波动的交易日后稳定在107.8左右，因为美联储保持利率不变，并指出通货膨胀仍然“有所上升”。美联储还表示，经济增长和劳动力市场处于健康状态，但省略了之前暗示通货膨胀“取得进展”的措辞。然而，在会后的新闻发布会上，美联储主席杰罗姆·鲍威尔表示，仍在取得进展，这表明未来可能仍有降息的空间。市场仍在考虑今年晚些时候两次25个基点的降息。加剧市场紧张局势的是，美国政府官员就特朗普政府是否会像之前威胁的那样继续对墨西哥和加拿大征收关税发出了喜忧参半的信号。交易员现在关注的是周五即将发布的个人消费支出价格指数报告，以及欧洲央行今天晚些时候的最新政策决定。

The dollar index stabilized around 107.8 on Thursday after a volatile session the day before as the Federal Reserve kept interest rates unchanged and noted that inflation remains “somewhat elevated.” The Fed also stated that economic growth and the labor market were in a healthy state but omitted previous language suggesting “progress” on inflation. However, in the post-meeting press conference, Fed Chair Jerome Powell suggested that progress was still being made, signaling there may still be room for future rate cuts. Markets are still pricing in two 25 basis point reductions later this year. Adding to market tensions, US government officials sent mixed signals about whether the Trump administration will proceed with tariffs on Mexico and Canada, as previously threatened. Traders are now focused on the upcoming PCE price index report on Friday, as well as the European Central Bank’s latest policy decision later today.