小麦 (Wheat) 加自选

随着特朗普在关税和鲍威尔问题上的软化，市场反弹，风险情绪重新抬头。美国股市一夜之间强劲反弹，抹去了周一的所有大幅下跌，因为风险情绪因美中贸易冲突可能缓和的迹象而恢复。股市的急剧逆转是由多个头条新闻推动的，这些头条新闻表明两国关系正在解冻，包括美国财政部长斯科特·贝森特和唐纳德·特朗普总统关于关税可能很快就会下降的评论。

Markets Rebound as Trump Softens on Tariffs and Powell, Risk Sentiment Regains Ground.US stock staged a strong rebound overnight, erasing all of Monday's steep losses as risk sentiment recovered on signs of potential de-escalation in US-China trade conflicts. The sharp reversal in equities was driven by multiple headlines suggesting a thaw in relations, including comments from US Treasury Secretary Scott Bessent and President Donald Trump that tariffs may soon come down.

早间出价：特朗普的美联储后空翻引发救济反弹。Kevin Buckland展望欧洲和全球市场未来一天

Morning Bid: Trump's Fed backflip sets off relief rally.A look at the day ahead in European and global markets from Kevin Buckland

特朗普总统对美中贸易战表示了更为温和的立场，称在达成协议后，目前对中国进口商品征收的145%关税将“大幅”降低。“它将大幅下降，但不会为零，”特朗普在椭圆形办公室说。据摩根大通在华盛顿特区举行的一次活动的消息人士透露，他的评论与财政部长斯科特·贝森特早些时候的言论相呼应，即降级可能会在“不久的将来”开始。白宫新闻秘书卡罗琳·莱维特指出，18项贸易提案正在审查中，政府的贸易团队——贝森特、商务部长霍华德·卢特尼克、国家经济委员会主任凯文·哈塞特和顾问彼得·纳瓦罗——本周将与34个国家会面。莱维特证实，美国正在“为与中国达成协议奠定基础”，并且“球正朝着正确的方向前进”。在金融领导人齐聚华盛顿参加国际货币基金组织和世界银行春季会议之际，投资者仍持谨慎态度，担心旷日持久的谈判和潜在的衰退风险。

President Trump signaled a softer stance on the U.S.-China trade war, saying the current 145% tariffs on Chinese imports will come down "substantially" after a deal is reached. "It will come down substantially but it won't be zero," Trump said in the Oval Office. His comments echoed Treasury Secretary Scott Bessent’s earlier remarks that de-escalation could begin in the "very near future," according to a source at a JPMorgan event in D.C. White House press secretary Karoline Leavitt noted that 18 trade proposals are under review, with the administration's trade team—Bessent, Commerce Secretary Howard Lutnick, NEC Director Kevin Hassett, and adviser Peter Navarro—meeting with 34 countries this week. Leavitt confirmed the U.S. is "setting the stage for a deal with China" and that "the ball is moving in the right direction." Investors remain cautious amid fears of prolonged talks and potential recession risks, as finance leaders gather in Washington for IMF and World Bank spring meetings.

周三，10年期美国国债收益率下跌约5个基点，至4.35%，因为市场对唐纳德·特朗普总统缓解投资者焦虑的言论做出了积极回应。特朗普表示，对中国进口商品的最终关税“不会高达145%”，这表明对正在进行的贸易争端可能采取更温和的态度。在他发表上述言论之前不久，美国财政部长斯科特·贝森特（Scott Bessent）将当前与中国的关税僵局描述为“不可持续的”，这加剧了贸易紧张局势缓和的希望。基调的转变引发了美国各资产类别的反弹，债券价格上涨，股市攀升，美元走强。特朗普还表示，他无意解除美联储主席杰罗姆·鲍威尔（Jerome Powell）的央行行长职务，这缓解了投资者对央行独立性和政策稳定性的担忧。展望未来，市场关注即将发布的美国采购经理人指数报告，这可能会为经济实力提供新的见解。

The yield on the 10-year US Treasury note declined by about 5 basis points to 4.35% on Wednesday, as markets responded positively to comments from President Donald Trump that eased investor anxiety. Trump stated that final tariffs on Chinese imports “won’t be anywhere near as high as 145%,” signaling a potentially softer approach to the ongoing trade dispute. His remarks came shortly after Treasury Secretary Scott Bessent described the current tariff standoff with China as “unsustainable,” fueling hopes for a de-escalation in trade tensions. The shift in tone triggered a rebound across US asset classes, with bond prices rising, stocks climbing, and the dollar strengthening. Trump also said he has no intention to remove Federal Reserve Chair Jerome Powell as central bank chief, easing investor concerns about central bank independence and policy stability. Looking ahead, markets are focused on upcoming US PMI reports, which could offer fresh insights into the strength of the economy.