随着投资者消化了央行的新信号，英镑跌至1.36美元以下。英格兰银行以7票赞成、2票反对的结果将利率维持在4%，长期持鸽派立场的Swati Dhingra和Alan Taylor支持降息。该行重申了其对宽松政策的“谨慎和渐进”立场，同时将量化紧缩从每年1000亿英镑放缓至700亿英镑，重点销售短期金边债券。通胀预测几乎没有变化，而第二季度的增长略强于预期，尽管整体经济仍然疲软。交易员适度增加了对长期宽松政策的押注，目前预计到2026年底将降息45个基点，但今年的预期保持稳定。与此同时，美联储按预期降息25个基点，并表示到年底将再降息50个基点。然而，主席杰罗姆·鲍威尔强调，此举是“风险管理”的一步，而不是全面宽松周期的开始。

The British pound slipped below $1.36 as investors digested fresh central bank signals. The Bank of England held rates at 4% in a 7-2 vote, with long-standing doves Swati Dhingra and Alan Taylor backing a cut. The Bank reiterated its “cautious and gradual” stance on easing, while slowing quantitative tightening from £100 billion to £70 billion annually, focusing sales on shorter-dated gilts. Inflation forecasts were little changed, while Q2 growth came in slightly stronger than expected, though the overall economy remains subdued. Traders modestly added to long-term easing bets, now pricing in 45 bps of cuts by end-2026, but expectations for this year remain steady. Meanwhile, the US Federal Reserve delivered a 25 bps cut as expected and signaled another 50 bps of reductions by year-end. Chair Jerome Powell, however, stressed the move was a “risk management” step rather than the start of a full easing cycle.