英格兰银行评论：短期降息仍是一种选择。正如普遍预期的那样，英格兰银行（BoE）将银行利率维持在4.00%。投票结果为7比2。

Bank of England Review – Near Term Rate Cuts Remain an Option.The Bank of England (BoE) kept the Bank rate at 4.00% as widely expected. The vote split was 7-2 in (keep vs.

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.

英格兰银行减缓债券发行速度并保持利率不变。周四，英格兰银行首次放慢了减少政府债券库存的计划步伐，并将销售从长期债券转向长期债券，以尽量减少对波动的金边债券市场的影响。

Bank of England slows pace of bond rundown and keeps rates on hold.The Bank of England slowed the pace of its programme to run down its stockpile of government bonds for the first time on Thursday and skewed sales away from long-dated debt to minimise the impact on volatile gilt markets.

英国央行将利率稳定在4%后，英镑/日元放弃了一些盘中涨幅。周四欧洲尾盘，英镑/日元对回吐了部分早盘涨幅。尽管如此，该货币对仍上涨0.2%，收于200.70附近。

GBP/JPY gives up some intraday gains after BoE holds interest rates steady at 4%.The GBP/JPY pair gives back some of its early gains during the late European trading session on Thursday. Still, the pair trades 0.2% higher to near 200.70.