美联储评论：仍处于良好状态。虽然对任何人来说，不确定性很高，滞胀风险前景对央行行长构成挑战都不是什么新闻，但鲍威尔肯定，目前的政策立场仍然非常适合这种情况。美联储准备在必要时迅速采取行动，但目前的环境没有先发制人的余地。

Fed Review: Still in a Good Place.While it's no news for anyone that uncertainty is high, and that the stagflationary risk outlook poses a challenge for central bankers, Powell affirmed that current policy stance is still well suited for the occasion. The Fed is prepared to act quickly if needed, but the current environment leaves no room for pre-emptive moves.

周四，美国10年期国债收益率攀升至4.29%以上，结束了连续两天的下跌，因为投资者权衡了美联储的最新政策立场和全球贸易的新发展。正如普遍预期的那样，美联储保持利率不变，但主席杰罗姆·鲍威尔（Jerome Powell）语气谨慎，指出通胀和就业的风险都在上升。他坚决反对先发制人降息以缓冲关税可能带来的经济影响的想法。在贸易字体上，唐纳德·特朗普总统在Truth Social上宣布，将于周四举行新闻发布会，公布与一个“大国”的协议，据报道是英国。与此同时，他表示，在本周末于瑞士举行的美中会谈之前，对中国的关税将保持不变。随着投资者重新评估风险和通胀预期，美联储谨慎的信息和地缘政治的不确定性推动收益率小幅上升。

The yield on the US 10-year Treasury note climbed above 4.29% on Thursday, snapping a two-day decline as investors weighed the Federal Reserve’s latest policy stance alongside new developments in global trade. As widely expected, the Federal Reserve kept interest rates unchanged, but Chair Jerome Powell struck a cautious tone, pointing to elevated risks to both inflation and employment. He firmly dismissed the idea of a preemptive rate cut to buffer against potential economic fallout from tariffs. On the trade font, President Donald Trump announced on Truth Social that a news conference would be held Thursday to unveil a deal with a “big” country, reportedly the United Kingdom. Meanwhile, he stated that tariffs on China would remain in place ahead of US-China talks scheduled in Switzerland this weekend. The combination of cautious Fed messaging and geopolitical uncertainty pushed yields slightly higher, as investors reassessed risk and inflation expectations.

周四，唐纳德·特朗普总统在Truth Social上发布消息称，今天晚些时候将举行新闻发布会，宣布与一个“大国”（据报道是英国）达成协议，随后美国股指上涨。与此同时，特朗普表示，他不会降低对中国的关税，作为本周末在瑞士举行美中谈判之前开始贸易谈判的条件。在货币政策方面，美联储周三如预期般保持利率不变，同时警告通胀和失业风险上升。美联储主席杰罗姆·鲍威尔（Jerome Powell）采取了谨慎的语气，驳斥了为应对关税的潜在影响而先发制人降息的想法。在周三的常规交易中，道琼斯指数上涨0.7%，标准普尔500指数上涨0.43%，纳斯达克综合指数上涨0.27%。在企业新闻方面，AppLovin在超出华尔街预期并宣布出售其移动游戏部门后，在盘后交易中飙升13%。

US stock futures jumped on Thursday after President Donald Trump posted on Truth Social that there would be a news conference later today to announce a deal with a “big” country, reportedly the UK. Meanwhile, Trump said he would not lower tariffs on China as a condition to begin trade negotiations ahead of US-China talks in Switzerland this weekend. On the monetary policy front, the Federal Reserve kept interest rates unchanged as expected on Wednesday, while warning of rising risks to both inflation and unemployment. Fed Chair Jerome Powell adopted a cautious tone, dismissing the idea of a preemptive rate cut in response to potential effects from tariffs. In regular trading on Wednesday, the Dow rose 0.7%, the S&P 500 gained 0.43%, and the Nasdaq Composite added 0.27%. In corporate news, AppLovin surged 13% in extended trading after beating Wall Street estimates and announcing a deal to sell its mobile gaming division.

联邦公开市场委员会在贸易不确定性下保持利率稳定，但美元仍走高。正如预期的那样，美联储在5月份的决定中将利率维持在4.25-4.50%，理由是贸易不确定性和滞胀风险是保持谨慎的理由。

FOMC Kept Rates Steady on Trade Uncertainty But USD Still Higher.As expected, the Fed kept interest rates on hold at 4.25-4.50% during their May decision, citing trade uncertainty and stagflation risks as reasons to stay cautious.