美国股市周三涨跌互现，投资者消化了美联储主席鲍威尔在美联储保持借贷成本不变后的讲话。标准普尔500指数和纳斯达克指数回吐早些时候的涨幅，分别下跌0.3%，道琼斯指数上涨85点。在新闻发布会上，美联储主席的语气没有预期的那么强硬，排除了在6月会议上加息的可能性。央行承认通胀率仍然很高，在对通胀率持续向2%迈进有更大信心之前，预计降低目标区间是不合适的。在企业方面，CVS和星巴克都暴跌，在悲观的结果之后，分别下跌16.8%和15.8%。芯片行业也表现不佳，英伟达下滑3.9%，受AMD因AI芯片销售预测低迷而下跌8.9%的压力，以及Super Micro Computer在第三季度收入低于预期后下跌14.3%。

Stock in the US finished mixed on Wednesday, as investors digested the Fed Chair Powell speech after the Federal Reserve kept borrowing costs on hold. The S&P 500 and Nasdaq pared earlier gains and lost 0.3% each, while the Dow Jones added 85 points. During the press conference, the Fed Chair struck a less hawkish tone than expected, ruling out the possibility of a rate hike in the June meeting. The central bank acknowledged that inflation is still high and do not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%. On the corporate front, CVS and Starbucks both plummeted, with declines of 16.8% and 15.8%, respectively, following pessimistic results. The chip sector also underperformed, with Nvidia sliding 3.9%, pressured by AMD's 8.9% decline due to a lackluster forecast for AI chip sales, and Super Micro Computer's 14.3% drop after Q3 revenue fell short of expectations.

美联储主席鲍威尔向市场保证下一步不会降息后，美国10年期国债收益率从4月25日触及的4.7%的五个多月高点跌至4.6%。美联储如预期保持利率不变，并宣布放缓量化紧缩步伐。央行承认通胀并未以预期速度放缓，但美联储主席鲍威尔在新闻发布会上表示，尽管央行关注通胀风险，但下一步“不太可能”加息。在财政方面，美国财政部保持了长期债券和债券的季度发行不变，并宣布了20多年来首次回购现有证券的计划。

The yield on the US 10-year Treasury note fell toward 4.6% from the over-five-month high of 4.7% touched on April 25th after the Fed Chair Powell reassured the markets that the next move won't be a rate cut. The Federal Reserve held its interest rate unchanged as expected and announced a slower pace of quantitative tightening. The central bank acknowledged that inflation has not slowed at the expected pace, but Fed Chair Powell, during the press conference said that while the central bank is attentive to inflation risks, it is “unlikely” for the next move to be a hike. On the fiscal side, the US Treasury left its quarterly issuance of longer-dated notes and bonds unchanged and announced its first program to buy back existing securities in over two decades.

标准普尔500指数和纳斯达克指数上涨超过1%，从早些时候的下跌中恢复过来，而道琼斯指数将涨幅扩大到近500点，因为投资者似乎认为美联储主席最近的声明没有预期的那么强硬。美联储保持其基金利率不变，并承认在应对通胀方面缺乏进展，这在很大程度上是意料之中的。尽管如此，鲍威尔在新闻发布会上表示，尽管央行关注通胀风险，但下一步加息“不太可能”。在企业方面，CVS和星巴克在公布悲观业绩后均暴跌17%以上。此外，芯片行业表现不佳，英伟达下滑4%，这是由于AMD对人工智能芯片销售的预测乏善可陈，Super Micro Computer第三季度收入低于预期。

The S&P 500 and Nasdaq rose more than 1% recovering from earlier losses while the Dow Jones extended gains to almost 500 points as investors appeared to interpret the recent statement from the Fed Chair as less hawkish than anticipated. The Federal Reserve held its funds rate unchanged and acknowledged the lack of progress in tackling inflation, as largely expected. Still, during the press conference Powell said that while the central bank is attentive to inflation risks, it is “unlikely” for the next move to be a hike. On the corporate front, CVS and Starbucks both plummeted by over 17% following the release of pessimistic results. Additionally, the chip sector underperformed with a 4% slide for Nvidia, pressured by AMD's lackluster forecast for AI chip sales and Super Micro Computer's Q3 revenue falling short of expectations.

美国10年期国债收益率从4月25日触及的4.7%的五个多月高点降至4.64%以下，此前美联储维持利率不变，并宣布放缓量化紧缩步伐。央行承认，通胀并未以政策制定者预期的速度放缓，因此有必要采取更严格的货币政策，但其前瞻性指导意见仍对今年即将到来的降息表示赞同。与此同时，央行将在6月初将财政工具的资产负债表流出速度从目前的600亿美元放缓至每月250亿美元，这是本轮货币紧缩放缓的首批措施之一。在财政方面，美国财政部保持了长期债券和债券的季度发行不变，并宣布了20多年来首次回购现有证券的计划。

The yield on the US 10-year Treasury note eased to below 4.64% from the over-five-month high of 4.7% touched on April 25th after the Federal Reserve held its interest rate unchanged and announced a slower pace of quantitative tightening, as expected. The central bank acknowledged that inflation has not slowed at the pace expected by policymakers, warranting more restrictive monetary policy, but its forward guidance kept nods toward incoming rate cuts this year. In the meantime, the central bank is due to ease the pace of its balance sheet runoff of Treasury instruments to $25 billion monthly at the start of June compared to the current pace of $60 billion, among the first measures of softer monetary tightening in the cycle. On the fiscal side, the US Treasury left its quarterly issuance of longer-dated notes and bonds unchanged and announced its first program to buy back existing securities in over two decades.