纳斯达克综合指数 (NASDAQ) 加自选

美联储的可信选择缓和了尾部风险，而不是周期。上周再次提醒人们，波动性已成为今年的一个特征，而不是一个例外。突然的重新定价事件继续出现，这往往是由政治和制度发展而不是经济基本面变化所驱动的。

A Credible Fed Choice Tames Tail Risks, Not the Cycle.Last week delivered yet another reminder that volatility has become a feature this year, rather than an exception. Sudden repricing episodes continue to emerge, often driven by political and institutional developments rather than changes in economic fundamentals.

沃什任命下一任美联储主席，美元上涨。周五，美元走强。此前，Kevin Warsh被选为下一任美联储主席。

US dollar gains as Warsh named next Fed Chair.The U.S. dollar strengthened on Friday. This followed the selection of Kevin Warsh as the next Fed chair.

尽管在最近的会议上支持暂停，但美联储的鲍曼仍支持降息。美联储负责监管的副主席米歇尔·鲍曼周五表示，她仍然认为利率应该下降，但本周投票决定保持货币政策稳定​只是为了在下次降低借贷成本之前收集更多数据。

Fed's Bowman still supports rate cuts despite backing pause at recent meeting.U.S. Federal Reserve Vice Chair for Supervision Michelle Bowman said on Friday she still feels interest rates should fall, but voted to hold monetary policy steady this week ​only to gather more data before the next reduction in borrowing costs.

每周底线：Kevin Warsh被提名为下一任美联储主席。这是加拿大经济繁忙的一周，此前加拿大央行宣布扩大对低收入加拿大人的支持，并普遍预期将维持利率不变。然而，在所有这些消息之后，加拿大债券收益率与上周五的收盘价大致一致。

The Weekly Bottom Line: Kevin Warsh Nominated as Next Fed Chair.It was a busy week of updates on the Canadian economy, on top of an announcement of expanded support for modest income Canadians and a widely expected rate hold from the Bank of Canada. Yet, after all the news, Canadian bond yields are roughly in line with last Friday's close.