自美联储12月降息仍未完全定价以来，前端收益率仍然更为脆弱。。韩国保守派人民力量党主席尹锡悦昨日宣布戒严令，这一令人震惊的决定加剧了原本平淡无奇的贸易会议。在议会一致投票反对后，尹锡悦改变了立场。

Front End Yields Remain More Vulnerable Since a December Rate Cut by Fed Still Not Fully Priced in..Yesterday's shock decision by South Korean president Yoon of the conservative People Power Party to declare martial law spiced up an otherwise uneventful trading session. Yoon backtracked after parliament voted unanimously against.

周三，美国10年期国债收益率稳定在4.23%左右，投资者继续评估美联储货币政策的前景。周二公布的数据显示，美国10月份的职位空缺略有增加，裁员人数有所下降，这表明工人对劳动力市场充满信心。交易员现在关注周三的ADP私人就业报告和周五的非农就业数据，以进一步了解劳动力市场状况。美联储主席杰罗姆·鲍威尔也计划于周三下午在纽约发表讲话。目前，市场预计美联储在12月降息25个基点的可能性为75%。

The yield on the US 10-year Treasury note remained steady at around 4.23% on Wednesday as investors continued to evaluate the outlook for Federal Reserve monetary policy. Data released Tuesday showed a moderate increase in US job openings for October, along with a decline in layoffs, suggesting worker confidence in the labor market. Traders are now focused on the ADP private payrolls report on Wednesday and the nonfarm payrolls data on Friday for further insights into labor market conditions. Federal Reserve Chair Jerome Powell is also scheduled to speak in New York on Wednesday afternoon. Currently, markets are pricing in a 75% probability that the Fed will cut rates by 25 basis points in December.

美联储官员发出中立政策路径的信号，但保持12月决定的开放性。几位美联储官员在一夜之间分享了他们的观点，但避免就12月18日联邦公开市场委员会利率决定的预期给出具体指导。他们的讲话语气突显了人们对近期经济进展的信心，同时对未来的利率调整保持谨慎立场。

Fed officials signal neutral policy path but keep December decision open.Several Fed officials shared their views overnight but avoided giving specific guidance on what to expect at the December 18 FOMC rate decision. The tone of their remarks highlighted confidence in recent economic progress while maintaining a cautious stance on future rate adjustments.

周三，美元指数稳定在106.4左右，投资者继续评估美联储的货币政策方向。周二公布的数据显示，美国10月份的职位空缺略有增加，而裁员人数有所下降，这表明工人对劳动力市场充满信心。交易员现在关注周三公布的ADP私人就业报告和周五公布的非农就业数据，以进一步了解就业市场趋势。美联储主席杰罗姆·鲍威尔也计划于周三下午在纽约发表讲话。目前，市场预计美联储在12月降息25个基点的可能性约为75%。美元兑大多数主要货币保持稳定，但在澳大利亚GDP数据疲软后，美元兑澳元和新西兰元走强。在韩国持续的政治动荡中，兑韩元汇率也徘徊在两年高点附近。

The dollar index remained steady at around 106.4 on Wednesday as investors continued to evaluate the Federal Reserve's monetary policy direction. Data released Tuesday showed a modest increase in US job openings for October, while layoffs declined, suggesting worker confidence in the labor market. Traders are now focusing on the ADP private payrolls report on Wednesday and the nonfarm payrolls data due Friday for further insights into job market trends. Federal Reserve Chair Jerome Powell is also scheduled to speak in New York on Wednesday afternoon. Currently, markets are pricing in a roughly 75% chance that the Fed will cut rates by 25 basis points in December. The dollar remained stable against most major currencies but strengthened against the Australian and New Zealand dollars following weak GDP data from Australia. It also hovered near two-year highs against the South Korean won amid ongoing political turbulence in South Korea.