周五，10年期美国国债收益率在过去两个交易日攀升近10个基点后徘徊在4.11%附近，因为美联储表示其鸽派立场低于市场预期。本周早些时候，美联储公布了备受期待的25个基点的降息，并预计今年将再降息两次，而2026年仅降息一次。美联储主席杰罗姆·鲍威尔将此举描述为应对劳动力市场疲软的风险管理步骤，强调没有必要加快宽松政策。周四的数据还显示，每周申请失业救济人数下降，扭转了前一周的飙升趋势。与此同时，尽管自上次会议以来隔夜逆回购工具大幅缩减，但美联储仍保持了量化紧缩的步伐。

The yield on the 10-year US Treasury hovered near 4.11% on Friday after climbing almost 10 basis points over the past two sessions, as the Federal Reserve signaled a less dovish stance than markets expected. Earlier this week, the Fed delivered a widely anticipated quarter-point cut and projected two more reductions this year, while flagging just one cut in 2026. Fed Chair Jerome Powell characterized the move as a risk management step in response to labor market weakness, emphasizing there was no need to accelerate easing. Data on Thursday also showed weekly jobless claims fell, reversing the prior week’s spike. At the same time, the Fed maintained the pace of quantitative tightening despite the sharp drawdown in its overnight reverse repo facility since the last meeting.

周五，美元指数在连续两个交易日上涨后稳定在97.4左右，因为美联储表示其政策立场不如市场预期的温和。本周早些时候，美联储公布了普遍预期的25个基点的降息，并预计今年将再降息两次，同时表示2026年只降息一次。美联储主席杰罗姆·鲍威尔将此举描述为劳动力市场放缓背景下的风险管理举措，强调没有必要急于放松。在数据显示上周新申请失业救济人数下降，扭转了前一周的飙升趋势后，美元也得到了支撑。在其他地方，加拿大银行降息，而英格兰银行保持政策不变。美元指数有望在本周结束时几乎没有变化，抹去了本期早些时候的大部分损失。

The dollar index steadied around 97.4 on Friday after rising for two straight sessions, as the Federal Reserve signaled a less dovish policy stance than markets had anticipated. Earlier in the week, the Fed delivered a widely expected quarter-point cut and projected two more reductions this year, while indicating just one cut in 2026. Fed Chair Jerome Powell framed the move as a risk management step amid a slowing labor market, stressing there was no need to rush easing. The greenback also found support after data showed new jobless claims fell last week, reversing the prior week’s spike. Elsewhere, the Bank of Canada cut rates while the Bank of England left policy unchanged. The dollar index is on track to finish the week little changed, erasing most of the losses from earlier in the period.

周五，美国股指小幅上涨，此前三大股指在美联储最新降息的支持下，在前一交易日均收于历史高点。周四，道琼斯指数上涨0.27%，标准普尔500指数上涨0.48%，纳斯达克综合指数上涨0.94%。标普11个板块中有7个板块上涨，其中科技、工业和通信服务板块领涨。在个人投资者中，英伟达宣布投资50亿美元共同开发芯片后，英特尔股价飙升约23%，而英伟达股价上涨3.5%。其他显著上涨的股票包括Palantir（5.1%）、Coinbase（7%）和CrowdStrike（12.8%）。本周早些时候，美联储宣布降息25个基点，并预计今年还会再降息两次，同时暗示2026年只降息一次。与此同时，周五没有重大经济数据或盈利报告。

US stock futures edged higher on Friday after all three major indexes closed at record highs in the prior session, supported by the Federal Reserve’s latest rate cut. On Thursday, the Dow added 0.27%, the S&P 500 climbed 0.48% and the Nasdaq Composite jumped 0.94%. Seven of the 11 S&P sectors advanced, led by technology, industrials and communication services. Among individual movers, Intel soared about 23% after Nvidia unveiled a $5 billion investment to co-develop chips, while Nvidia rose 3.5%. Other notable gainers included Palantir (5.1%), Coinbase (7%) and CrowdStrike (12.8%). Earlier in the week, the Fed delivered a 25 basis point cut and projected two more reductions this year, while signaling just one cut in 2026. Meanwhile, no major economic data or earnings reports are scheduled for Friday.

2025年7月，外国对长期证券、短期美国证券和银行流量的净收购净流入21亿美元。外国居民增持了788亿美元的长期美国证券，其中包括私人投资者净购买724亿美元和外国官方机构净购买64亿美元。与此同时，美国居民增持了长期外国证券，净买入296亿美元。

Net foreign acquisitions of long-term securities, short-term US securities, and banking flows was a net inflow of $2.1 billion in July 2025. Foreign residents increased their holdings of long-term US securities by $78.8 billion, including $72.4 billion in net purchases by private investors and $6.4 billion by foreign official institutions. At the same time, US residents raised their holdings of long-term foreign securities, recording net purchases of $29.6 billion.