有史以来头一回 美联储独自拥有发达国家中最高利率( 三 )

有史以来头一回 美联储独自拥有发达国家中最高利率

市场已经通过收益率曲线表明了自己对这个情况的看法。

The market has made its opinion known about this situation via the yield curve.

3月/10年期美债收益率曲线继续进一步倒挂,接近19年来最极端的水平。

The 3m/10y curve continues to sink further into inversion, approaching its most extreme level in 19 years.

有史以来头一回 美联储独自拥有发达国家中最高利率

尽管收益率曲线强烈要求降息50个基点,但市场尚未消化这一预期。如下图所示,价格显示降息50个基点的概率在5%到16%之间。

While the yield curve is screaming for a 50 basis point cut, the market is not yet pricing in such a move. As the chart below shows, the probability of a 50 basis point cut is between 5% and 16%.

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