截至9月18日，房地美支持的30年期固定抵押贷款的平均利率较前一周暴跌9个基点，至6.26%，连续第四周回落至10月初以来的最低水平。这一下跌与长期国债收益率暴跌相一致。房地美首席经济学家Sam Khater表示：“本周抵押贷款利率再次下降，促使许多房主进行再融资。事实上，再融资的抵押贷款申请比例达到近60%，为2022年1月以来的最高水平。”。

The average rate on a 30-year fixed mortgage backed by Freddie Mac plunged by 9 bps from the previous week to 6.26% as of September 18th, easing for a fourth straight week to their lowest level since early-October. The decline aligned with plunging long-dated Treasury yields. “Mortgage rates decreased yet again this week, prompting many homeowners to refinance. In fact, the share of mortgage applications that were refinances reached nearly 60%, the highest since January 2022,” said Sam Khater, Freddie Mac’s chief economist.

在截至9月12日的一周内，美国能源公司向储气库注入了900亿立方英尺（bcf）的天然气，高于市场预期的810亿立方英尺。该建筑量远高于去年同期560亿立方英尺的增长，以及过去五年平均740亿立方英尺。随着建设的进行，存储量仍比去年同期低0.1%，但比目前的五年平均水平高6.3%。

Energy firms in the US injected 90 billion cubic feet (bcf) of gas into storage during the week ended September 12, above market expectations of 81 bcf. The build was sharply higher than the increase of 56 bcf during the same week last year and an average build of 74 bcf over the past five years. With the build, storage remained 0.1% below the corresponding period of the previous year, but held at levels 6.3% above the current five-year average.

周四，美国股市大多走高，标准普尔500指数上涨0.5%，纳斯达克指数上涨0.8%，而道琼斯指数在持平点附近交易，交易员消化了美联储今年首次降息和优于预期的失业救济申请。美联储暗示今年将再降息50个基点，随后在2026年再降息25个基点。波动性紧随这一决定和鲍威尔主席的新闻发布会之后，他将此举描述为“风险管理”削减，并警告说没有无风险的道路。与此同时，首次申请失业救济人数从4年来的最高点下降到23.1万，降幅远超预期，缓解了人们对劳动力市场疲软的一些担忧。在企业方面，英伟达股价上涨超过2%，而英特尔在宣布英伟达将投资50亿美元收购该公司少数股权后飙升近24%。Meta（0.7%）

Stocks in the US were mostly higher on Thursday, with the S&P 500 rising 0.5% and the Nasdaq adding 0.8% while the Dow Jones traded around the flatline as traders digested the Fed’s first interest rate cut of the year and better-than-expected jobless claims. The Fed signaled an additional 50bps of cuts this year, followed by another 25bps reduction in 2026. Volatility followed the decision and Chair Powell’s press conference, where he framed the move as a “risk management” cut and cautioned that there are no risk-free paths. Meanwhile, initial jobless claims fell much more than expected to 231K from a 4-year high, easing some concerns about the labour market weakness. On the corporate front, Nvidia shares jumped more than 2% while Intel soared nearly 24% after announcing that Nvidia will invest $5 billion for a minority stake in the company. Meta (0.7%)

随着市场继续评估全球利率前景，10年期美国国债收益率周四从美联储昨日利率决定后触及的低于4%的五个月低点升至4.1%。正如预期的那样，美联储将关键利率下调了25个基点，并预计今年将再下调两个基点。尽管如此，政策制定者还预测，核心通胀率将高于此前的预期，而增长和失业前景有所改善。这一背景预计将支撑整个曲线的收益率，而鲍威尔主席表示单次降息不一定预示着未来的货币宽松政策，这一信号放大了这一背景。除此之外，失业申请人数再次下降和费城联邦储备银行活动指数强劲，挑战了对劳动力市场恶化的有限担忧，增加了国债的压力。与此同时，尽管自上次会议以来，美联储的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 note rose to 4.1% on Thursday from the five-month low of below 4% touched after yesterday's Federal Reserve rate decision, as markets continued to assess the outlook of global rates. The Fed cut its key rates by 25bps, as expected, and projected a median of two more curs this year. Still, policymakers also projected that core inflation will be higher than previously expected while growth and unemployment outlooks improved. The backdrop projected supported yields across the curve, magnified by Chairman Powell's signal that the single cut did not necessarily anticipate future monetary easing. On top of that, a fresh decline in unemployment claims and strong Philly Fed activity index challenged limited concerns of a deteriorating labor market, adding pressure on Treasury securities. In the meantime, the Fed maintained the pace of its quantitative tightening despite the aggressive drawdown in its overnight reverse repo facility since the last meeting.