小麦 (Wheat) 加自选

基金经理表示，特朗普对美联储的压力可能会使美国收益率曲线变陡。债券基金经理周二表示，由于特朗普政府对美联储的压力越来越大，投资者要求对感知到的财政和政治风险获得更高的补偿，国债收益率曲线可能会变陡。

Trump pressure on Fed may steepen US yield curve, fund managers say.The Treasury yield curve could steepen as investors demand higher compensation for perceived fiscal and political risk amid rising pressure from the Trump administration on the U.S. Federal Reserve, bond fund managers said on Tuesday.

美国股市周二回落，因投资者获利回吐，并在美联储备受期待的政策决定之前变得谨慎。标普500指数在盘中早些时候创下新纪录后下跌0.1%，纳斯达克指数徘徊在接近持平的水平，道琼斯指数下跌超过100点。包括英伟达、微软、Alphabet和Palantir在内的科技领军企业纷纷退市，而金融和公用事业股也拖累了大盘。交易员普遍预计，美联储周三将降息25个基点，这是自去年12月以来的首次降息，市场正密切关注鲍威尔主席的言论，以寻找未来走势的线索。与此同时，乐观的8月零售销售数据显示，尽管通货膨胀率居高不下，劳动力市场疲软，但消费者支出仍有弹性。投资者还跟踪了美中关系的发展，贸易方面的进展和新的TikTok框架提振了市场情绪，提振了甲骨文的股价。

US stocks pulled back on Tuesday as investors took profits and turned cautious ahead of the Federal Reserve’s highly anticipated policy decision. The S\&P 500 slipped 0.1% after hitting a fresh record earlier in the session, while the Nasdaq hovered near flat and the Dow Jones fell over 100 points. Technology leaders including Nvidia, Microsoft, Alphabet, and Palantir retreated, while financial and utility stocks also weighed on the broader market. Traders widely expect the Fed to deliver a 25 basis point rate cut on Wednesday, marking its first reduction since December, with markets closely watching Chair Powell’s comments for clues on future moves. Meanwhile, upbeat August retail sales data showed resilient consumer spending despite sticky inflation and a softening labor market. Investors also tracked US-China developments, with progress on trade and a new TikTok framework lifting sentiment and boosting shares of Oracle.

9月份，巴西10年期政府债券收益率跌至13.7%以下，触及两个月低点，因为活动降温、通胀疲软以及全球长期收益率下降推低了预期的未来实际利率。巴西IBC Br活动指数在2025年7月环比下跌0.5%，这是连续第三次下跌，弱于-0.2%的共识，表明增长势头正在减弱。与此同时，美国国债收益率跌至约五个月低点，因为市场对美联储本周25个基点的举措进行了定价，并在今年晚些时候进一步放松，将较低的全球长期利率基准传递给巴西。尽管劳动力市场异常紧张，但长期收益率仍面临下行压力，7月份移动季度的失业率约为5.6%，这缓和了央行可能转向削减的速度，并支持谨慎的政策立场。人们普遍预计，央行将在即将召开的会议上将政策维持在目前的限制水平。

The 10-year Brazilian government bond yield fell below 13.7% in September, touching two-month lows as cooling activity and softer inflation prints compounded with declines in global long yields pushed down expected future real rates. Brazil’s IBC-Br activity index fell 0.5% month-on-month in July 2025, the third consecutive decline and weaker than the -0.2% consensus, signalling growth is losing momentum. Meanwhile, US Treasury yields slid to roughly five-month lows as markets priced a 25bp Fed move this week and further easing later in the year, transmitting lower global long-rate benchmarks to Brazil. That downward pressure on long yields comes despite an unusually tight labour market, unemployment was about 5.6% in the July moving quarter, which tempers how quickly the central bank might pivot to cuts and supports a cautious policy stance. The central bank is widely expected to hold policy at its current restrictive level at the upcoming meeting.

2025年7月，哥伦比亚的工业生产同比增长5.8%，高于6月的2.2%，超过了市场预测的2.7%。在39项工业活动中，有32项有所增长。增幅最大的是咖啡脱粒（+66.2%）、运输设备（+49.7%）和旅行用品（+19.2%）。与此同时，钢铁（-13.1%）、可可和巧克力（-8.1%）以及橡胶制品（-7.5%）的产量下降。实际销售额同比增长6.4%，工业就业人数增长0.9%。

Industrial production in Colombia grew 5.8% year-on-year in July 2025, accelerating from 2.2% in June and topping market forecasts of 2.7%. Out of 39 industrial activities, 32 posted gains. The strongest increases came from coffee threshing (+66.2%), transport equipment (+49.7%), and travel articles (+19.2%). Meanwhile, output fell in iron and steel (-13.1%), cocoa and chocolate (-8.1%), and rubber products (-7.5%). Real sales advanced 6.4% from a year earlier, while industrial employment rose 0.9%.