反向关税威胁没有对风险市场产生预期影响

特朗普总统的一系列逆转关税威胁中的最新关税威胁至少对风险市场产生了希望的影响

President Trump's latest in a series of reversed tariff threats isn't having the hoped-for effect on risk markets at least halfway through the U.S. trading day on Thursday.

特朗普总统在一系列反转的关税威胁中的最新消息并没有对风险市场产生希望至少在周四的美国交易日的一半。

The stock market initially bounced off a sharply lower opening and bitcoin (BTC) rose through $91,000 as Commerce Secretary Howard Lutnick — in an appearance on CNBC — said the president would exempt Mexico from his new 25% tariff for any goods or services covered under a previous trade agreement. The nicer stance toward the country's neighbor to the south was confirmed later by a social media post from Trump.

最初，作为商务部长霍华德·卢特尼克（Howard Lutnick）（在CNBC上露面时），股市最初弹起了较低的开业，比特币（BTC）上涨了91,000美元，他说，总统将免除墨西哥对先前贸易协议所涵盖的任何商品或服务的新税率。特朗普的社交媒体帖子证实了对该国南方邻居的更好立场。

The positive moves in markets were short-lived though, with the Nasdaq at its session low just past the noon hour on the east cost, down 2.3%. Bitcoin has pulled back to $88,500, down nearly 1% over the past 24 hours.

不过，市场上的积极举动是短暂的，纳斯达克的会议处于较低的水平，距东方成本的中午小时，下降了2.3％。比特币在过去的24小时内撤回了88,500美元，下降了近1％。

This just in: Stagflation

这只是在：散落

Possibly lost in the unending ebb and flow of news emanating out of D.C. is a sharp rise in interest rates across the developed world.

在整个发达国家的利率急剧上升，可能会失去无休止的新闻和新闻的流动。

With U.S. military support for Europe possibly on the decline, governments across the continent are pledging budget-busting increases in defense spending. Germany, for instance, this week saw one of its worst bond crashes ever, with the 10-year Bund yield jumping more than 40 basis points to the current 2.83%.

随着美国对欧洲的军事支持可能正在下降，整个非洲大陆的政府正在承诺防御支出的预算增加。例如，德国本周看到了有史以来最严重的债券撞车事故之一，10年的外观收益率上升了40多个基点，达到了目前的2.83％。

In Japan, where long-term Japanese Government Bond (JGB) yields were little more than a handful basis points for what seemed like decades, the 10-year JGB yield rose another 6 basis points to 1.51% overnight. That's more than double the level of six months ago.

在日本，长期日本政府债券（JGB）的收益率不超过几十年来的少数基点，而10年的JGB收益率在一夜之间又增加了6个基点，达到1.51％。这是六个月前的两倍多。

The moves haven't been ignored by U.S. markets. The 10-year Treasury yield — which had previously had declined about 70 basis points since the Trump inauguration — has risen more than 20 basis points in the last 48 hours to 4.30%.

美国市场并没有忽略这些举动。自特朗普就职典礼以来，这项为期10年的财政收益率以前降低了约70个基点，在过去的48小时内上升了20多个基点，至4.30％。

"The recent move in global bond yields has put me on high alert," wrote Lekker Capital's Quinn Thompson. Particularly concerning to Thompson is that yields are rising as growth slows.

Lekker Capital的奎因·汤普森（Quinn Thompson）写道：“全球债券收益率的最近举动使我寄予厚望。”尤其是汤普森（Thompson），随着生长速度的速度，产量正在上升。

"We are witnessing the exact definition of stagflation which historically has not treated risk assets well," he continued.

他继续说：“我们目睹了散落的确切定义，从历史上看，这种定义并没有很好地对待风险资产。”

Friday brings the latest U.S. jobs figures

星期五带来了最新的美国工作人物

The large gains in interest rates brings a renewed importance to the February U.S. Nonfarm Payrolls Report to be released Friday morning.

利率的巨大收益使美国2月份的非农业工资报告将于周五上午发布。

Economists are expecting payrolls to have risen 160,000 versus 143,000 in January. The unemployment rate is seen remaining steady at 4%. A strong print — and employment reports have tended to run ahead of expectations for many months running — could send rates pumping even higher, and risk markets, crypto among them, into a new leg down.

经济学家预计薪资将在一月份上升160,000对143,000。人们认为失业率保持在4％。强大的印刷品 - 就业报告倾向于在运行多个月的时间内提前提前投放 - 可能会使费率更高，风险市场（其中包括加密货币）陷入了新的脚步。