周五，10年期美国国债收益率跌至4.5%以下，这是连续第三次下跌，因为人们对不断变化的贸易政策的担忧有所缓解。唐纳德·特朗普总统在上任的第一个月内对中国商品征收了10%的额外关税，但到目前为止，他对其他国家和关键行业的拟议关税仍然只是威胁。这种更为谨慎的贸易政策可能会缓解人们对通胀压力的担忧，这可能会给美联储更多进一步降息的空间。与此同时，联邦公开市场委员会最近一次会议的纪要重申了美联储的谨慎立场，表明在经济前景不确定的情况下，没有立即放松政策的紧迫性。交易员现在专注于周五的PMI数据和现有房屋销售数据，以获得对经济的更多见解。

The yield on the 10-year US Treasury note dropped below 4.5% on Friday, marking its third consecutive decline amid easing concerns about evolving trade policies. President Donald Trump imposed a 10% additional tariff on Chinese goods within his first month in office, but so far, his proposed tariffs on other countries and key sectors have remained only as threats. This more cautious trade policy could alleviate concerns about inflationary pressures, potentially giving the Federal Reserve more room to cut interest rates further. Meanwhile, minutes from the latest FOMC meeting reaffirmed the Fed’s cautious stance, signaling no immediate urgency to ease policy amid an uncertain economic outlook. Traders are now focused on Friday’s PMI readings and existing home sales data for additional insights into the economy.