美国通胀数据公布后，利率预期有何变化？。在美国CPI报告发布后，我们对美联储的重新定价略为强硬，但在美国PPI数据公布后，市场几乎回到了通胀发布前的定价（47个基点）。

How have interest rates expectations changed after the US inflation data?.We got a slightly more hawkish repricing for the Fed following the US CPI report, but after the US PPI data, the market went almost back to the same pricing we had before the inflation releases (47 bps).

特朗普解雇美联储主席鲍威尔的威胁只是噪音。昨天，我们得到一条消息称，一名白宫高级官员透露，特朗普计划解雇美联储主席鲍威尔。市场的反应正如我在这里所述，即美元下跌、债券下跌、股票下跌和黄金上涨。

Trump's threat of firing Fed Chair Powell is just noise.Yesterday, we got a news saying that a senior White House official revealed that Trump was planning to fire Fed Chair Powell. The reaction in the markets was the one I laid out here, that is lower dollar, lower bonds, lower stocks and higher gold.

美元反弹暂停：疲软数据和鲍威尔否认传言。在市场波动加剧的情况下，美元正在下跌：美元/日元在最近的看涨冲动后正在调整，而美元/加元正在从中期横盘区间的上限回落。这一纠正措施是由令人失望的美国生产者价格指数（PPI）数据和围绕美联储主席杰罗姆·鲍威尔可能被解雇的猜测引发的——唐纳德·特朗普后来否认了这一传言。

Pause in Dollar Rally: Weak Data and Powell Dismissal Rumours.Amid rising market volatility, the US dollar is losing ground: USD/JPY is correcting after a recent bullish impulse, while USD/CAD is retreating from the upper boundary of its medium-term sideways range. This corrective movement was triggered by disappointing US producer price index (PPI) data and speculation surrounding a potential dismissal of Federal Reserve Chair Jerome Powell—rumours later denied by Donald Trump.

市场对特朗普破坏美联储独立性的企图敏感。美国总统特朗普昨天解决了枯燥的生态日历问题。美联储主席鲍威尔是美国总统的眼中钉。

Markets Sensitive to Trump's Attempt to Undermine Fed's Independence.US President Trump sorted the problem of a dull eco calendar yesterday. Fed Chair Powell is the thorn in the US President's side.