法国1个月期国债 (France1M) 加自选

法国10年期债券收益率升至3.48%左右，恢复到3月份的水平，与欧洲同行一致，因为交易员重新评估了美联储可能降息的信号以及对欧洲的任何影响。在杰克逊霍尔经济研讨会上，美联储主席杰罗姆·鲍威尔表示，央行将“谨慎行事”，但表示由于“风险转移”，可能需要调整利率。与此同时，欧洲央行政策制定者表示将延长暂停期，行长克里斯蒂娜·拉加德指出，尽管通货膨胀和激进加息，欧元区劳动力市场仍具有弹性。与美联储不同，欧洲央行在本周期已经实施了更多的降息措施——迄今为止已经降息八次——并在7月份将存款利率稳定在2%。现在看来，欧洲央行下个月可能会维持这一利率，因为欧元区经济显示出意想不到的弹性，通胀徘徊在2%的目标附近。现在，人们的注意力转向了8月29日即将公布的法国通胀数据。

France’s 10-year bond yield rose to around 3.48%, returning to levels last seen in March, in line with European peers, as traders reassessed the Federal Reserve’s signals of potential interest rate cuts and any impact on Europe. At the Jackson Hole Economic Symposium, Fed Chair Jerome Powell said the central bank will “proceed carefully” but suggested that changes to interest rates might be needed due to “shifting risks.” Meanwhile, ECB policymakers signaled an extended pause, with President Christine Lagarde noting the eurozone’s labor market resilience despite inflation and aggressive rate hikes. Unlike the Fed, the ECB has already implemented significantly more rate cuts this cycle—eight reductions to date—and held the deposit rate steady at 2% in July. It now seems likely the ECB will maintain that rate next month as the eurozone economy shows unexpected resilience and inflation hovers around the 2% target. Attention now turns to upcoming French inflation figures due on August 29.