美联储展望和美国政府停摆导致美元本周收跌。美元兑欧元和瑞士法郎等主要货币下跌，因投资者权衡美联储的鹰派立场与经济不确定性。政府长期停摆推迟了关键就业数据的发布，而中国出口下降加剧了全球经济担忧。

Dollar ends week lower amid Fed outlook, US government shutdown.The U.S. dollar declined against major currencies like the euro and Swiss franc as investors weighed the Federal Reserve's hawkish stance against economic uncertainties. A prolonged government shutdown delayed the release of crucial jobs data, while falling Chinese exports added to global economic concerns.

美国股市从早盘下跌反弹，周五收盘大多走高，因为人们希望国会议员在结束政府停摆方面取得进展。标准普尔500指数和道琼斯指数收盘上涨0.3%，而科技股为主的纳斯达克指数收盘接近持平，因为人工智能巨头仍面临压力。参议院共和党人拒绝了民主党人提出的降低政府关门要求的提议，但在收盘铃响之前，对即将达成协议的挥之不去的希望改善了风险情绪。密歇根大学调查显示，消费者信心不断恶化，这证明了运营和政府数据的暂停，该调查在11月的记录中排名第二。消费者防御和能源公司领涨，埃克森美孚、T-Mobile和可口可乐上涨超过2%。反过来，对人工智能公司估值过高的担忧继续给科技行业带来压力，特斯拉下跌4%，Meta和甲骨文下跌2%。

US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq closed near the flatline as AI giants remained under pressure. Senate Republicans rejected Democrats' offer to scale down shutdown demands, but lingering hopes of an incoming agreement improved risk sentiment before the closing bell. The suspension of operations and government data were evidenced by the deteriorating consumer confidence measured by the University of Michigan survey, which came out at the second-worst reading on record in November. Consumer defensive and energy companies led the gains, with Exxon Mobil, T-Mobile, and Coca-Cola adding more than 2%. In turn, concerns that valuations for AI companies have been stretched too far continued to pressure the tech sector, with Tesla dropping 4% while Meta and Oracle fell 2%.

2025年9月，美国消费信贷总额增长了130.9亿美元，此前8月份上调了31.3亿美元，高于市场预期的100亿美元增长。这相当于每年增长3.1%。循环信贷在8月份下降60.7亿美元后，以每年2%的速度增长，即16.5亿美元。包括汽车和学生贷款在内的非循环信贷增长了2.9%，达到114.4亿美元，而前一个月增长了92亿美元。

Total US consumer credit rose by $13.09 billion in September 2025, following an upwardly revised $3.13 billion gain in August and above market expectations of a $10 billion increase. It is equivalent to an increase of 3.1% at an annual rate. Revolving credit increased at an annual rate of 2% or $1.65 billion, following a $6.07 billion decline in August. Nonrevolving credit which includes auto and student loans went up 2.9% or $11.44 billion, following a $9.2 billion gain in the previous month.

美联储的Miran：大量使用稳定币可能会降低中性利率。美联储的Miran：大量使用稳定币可能会降低中性利率

Fed's Miran: Lots of stablecoin usage would likely lower the neutral rate.Fed's Miran: Lots of stablecoin usage would likely lower the neutral rate