备受期待的美元对冲热潮暂时放缓。就在美国关税冲击重创美元几个月后，海外投资者保护美国资产免受美元下跌影响的热潮急剧放缓——这一信任投票正在帮助美元从多年来最严重的暴跌中复苏。

Much-anticipated dollar hedging rush slows, for now.Just months after a U.S. tariff shock whacked the dollar, a rush by overseas investors to protect U.S. holdings from the sliding currency has slowed sharply - a vote of confidence that's helping the greenback recover from its worst rout in years.

美元保持坚挺，随着Nvidia的乐观情绪消退，风险偏好崩溃。今天，随着英伟达驱动的乐观情绪的爆发几乎和它到来的速度一样快地消失，大宗商品货币又面临压力。在强劲的开局之后，美国主要股指出现了惊人的逆转，收盘大幅下跌，这是自4月以来最大的午盘转折。

Dollar Holds Firm, Risk Appetite Crumbles as Nvidia Euphoria Fades.Commodity currencies came back under pressure today as the burst of Nvidia-driven optimism evaporated almost as quickly as it arrived. After a strong start, major U.S. indexes staged a staggering reversal and closed sharply lower — marking the biggest midday turn since April.

美联储的保尔森敦促谨慎行事，因为每次降息都会提高下一次降息的门槛。费城联邦储备银行行长安娜·保尔森（Anna Paulson）隔夜表示，她正在“谨慎”地接近12月的联邦公开市场委员会（FOMC），强调了冷却但仍稳定的劳动力市场与仍高于目标的通胀之间的微妙平衡。

Fed's Paulson urges caution as every cut raises the bar for next.Philadelphia Fed President Anna Paulson said overnight that she is approaching the December FOMC “cautiously,” highlighting a delicate balance between a cooling but still-stable labor market and inflation that remains above target.

美联储的Goolsbee警告称，在通胀数据不完整的情况下，不要削减前期支出。芝加哥联邦储备银行行长奥斯坦·古尔斯比（Austan Goolsbee）一夜之间发出了谨慎的语气，警告称，在有足够的信息判断通货膨胀是否真的再次缓解之前，央行本身就有“提前降息过多”的风险。他强调，他担心的不是美联储的目的地——他仍然认为利率在中期内“会下降”——而是鉴于最近的通货膨胀率上升，短期内过快放松的明智性。

Fed's Goolsbee warns against front-loading cuts amid patchy inflation data.Chicago Fed President Austan Goolsbee struck a cautious tone overnight, warning that the central bank itself risks “front-loading too many rate cuts” before it has enough information to judge whether inflation is truly easing again. He stressed that his concern is not about the Fed's destination — he still believes rates “are going to go down” over the medium term — but rather about the wisdom of easing too quickly in the short run given the recent inflation uptick.