美联储准备好放松，特朗普暂时危害暴风雨

在白宫的评论表明，特朗普政府有信心与中国达成贸易协定后，美国股票在周五上市。

U.S. stocks eked out modest gains Friday following an indication from the White House that the Trump administration is still hopeful of striking a trade agreement with China.

在白宫的迹象表明，特朗普政府仍然希望与中国达成贸易协定，美国股票周五获得了适度的收益。

On Friday, the Dow Jones Industrial Average rose 44.24 points, or 0.16%, to close above the 27,000 mark at 27,027.48. The S&P 500 advanced 10.07 points, or 0.34%, to finish at 3,000.47. Meanwhile, the Nasdaq Composite gained 70.43 points, or 0.8%, to close at 9,033.04. For the week, the Dow advanced 0.7%, the S&P 500 gained 1.1% and the Nasdaq increased by 1.8%.

周五，道琼斯工业平均水平上涨了44.24点，即0.16％，超过27,000分，为27,027.48。标准普尔500指数提高了10.07点，即0.34％，以3,000.47的成绩完成。同时，纳斯达克综合材料获得了70.43点，即0.8％，在9,033.04上关闭。在一周中，道琼斯指数上涨了0.7％，标准普尔500指数上涨1.1％，纳斯达克股增长了1.8％。

The upbeat tone from the White House came as President Donald Trump expressed strong optimism over the possibility of striking a trade deal with China.

唐纳德·特朗普总统对与中国达成贸易协定的可能性表示强烈的乐观情绪，这是白宫的乐观语气。

“President Trump is the one who’s willing to walk away from the table if he doesn’t feel like he’s getting a good deal, and he’s made that clear to President Xi,” White House press secretary Karoline Leavitt told reporters Friday.

白宫新闻秘书卡罗琳·莱维特（Karoline Leavitt）周五对记者说：“特朗普总统是一个愿意离开桌子的人，如果他不觉得自己有很多交易，他已经向习近平总统说了这一点。”

Highlighting the president’s openness to reaching an agreement, Leavitt added: “The president has made it very clear he’s open to a deal with China. If China continues to retaliate, it’s not good for China.”

莱维特强调了总统达成协议的开放性，他补充说：“总统已经非常清楚地表明，他与中国达成协议。如果中国继续进行报复，这对中国不利。”

The statement arrived as the cryptocurrency market advanced by 4.63% over 24 hours, while BTC broke past the $84K threshold. Gold also held its ground steadily, registering a 2% gain to reach $3,237 per ounce.

随着加密货币市场在24小时内提高4.63％，而BTC超过了8.4K美元的门槛，该声明发表了4.63％。 Gold还稳定地保持了自己的地面，获得2％的收益达到每盎司3,237美元。

At the same time, a report by the Financial Times revealed that Susan Collins, president of the Boston Federal Reserve, affirmed the Fed will “absolutely” assist markets if conditions demand it.

同时，《金融时报》的一份报告显示，波士顿美联储的总裁苏珊·柯林斯（Susan Collins）确认，如果条件需要，美联储将“绝对”协助市场。

Collins stated that the U.S. central bank certainly has “tools to address concerns about market functioning or liquidity should they arise.” When questioned by the FT about the likelihood of intervention similar to prior instances, such as during the 2008 financial crisis, Collins replied affirmatively, saying the Fed would “absolutely be prepared to do that as needed.”

柯林斯表示，美国中央银行当然具有“解决市场功能或流动性的问题的工具”。当FT质疑与先前情况类似的干预可能性（例如在2008年的金融危机期间）时，柯林斯肯定地回答说，美联储“绝对准备根据需要做到这一点。”

Earlier this week, the Treasury market experienced considerable disarray, yet the central bank remained on the sidelines—thanks, for now, to Trump’s timely action.

本周早些时候，财政市场经历了很大的混乱，但中央银行仍在场外 - 目前，感谢特朗普的及时行动。

Prior to President Trump’s announcement of a 90-day pause on most reciprocal tariffs, the bond market was experiencing significant turmoil, with leveraged traders facing substantial losses. Rising bond yields, which reflect falling bond prices, signaled massive distress in financial markets. A cohort of analysts attributed the instability to the “basis trade,” a strategy where hedge funds borrow heavily to exploit small price differences between Treasury bonds and derivatives.

在特朗普总统宣布对大多数互惠关税宣布为期90天的停顿之前，债券市场正在遭受巨大的动荡，杠杆交易者面临巨大的损失。债券收益率上升，反映了债券价格下跌，这表明金融市场的巨大困扰。一系列分析师将不稳定归因于“基础贸易”，该战略是对冲基金大量借贷以利用国库券和衍生品之间的小价格差异。

When bond prices unexpectedly fluctuated, these traders incurred major losses and faced margin calls, forcing them to liquidate assets, further depressing prices. While Trump’s tariff pause led to a rebound in risk assets like stocks and cryptocurrencies, the preceding volatility highlighted the fragility of leveraged positions in the bond market.

当债券价格出乎意料地波动时，这些交易员会造成重大损失并面临保证金电话，迫使他们清算资产，进一步降低了价格。尽管特朗普的关税停顿导致了股票和加密货币等风险资产的反弹，但前面的波动率强调了债券市场杠杆位置的脆弱性。

A growing number of economists and analysts contend that it’s merely a question of when—not if—the U.S. central bank will be compelled to intervene, as many view such action as unavoidable.

越来越多的经济学家和分析师认为，这只是一个问题，即何时 - 不是 - 美国中央银行将被迫干预，因为许多行动是不可避免的。