Odaily星球日报讯 道明证券的分析师表示，全球利率市场的命运最终将取决于美联储。道明证券预计美联储将进一步降息，这意味着美国国债收益率以及其他债券收益率将会下降。他们在一份报告中称：“我们预计，随着宽松周期推进，对美联储长期政策的定价将趋于缓和，国债收益率下降的影响也将传导至其他发达市场债券市场。”（金十）

道明证券：市场对美联储长期政策的定价将趋于缓和

Odaily Odaily News: Analysts at TD Securities said that the fate of the global interest rate market will ultimately depend on the Federal Reserve. TD Securities expects the Federal Reserve to cut interest rates further, which means that U.S. Treasury yields and other bond yields will fall. They said in a report: &quot;We expect that as the easing cycle progresses, the pricing of the Federal Reserve&#39;s long-term policy will ease, and the impact of falling Treasury yields will also be transmitted to other developed market bond markets.&quot; (Jinshi)

TD Securities: Market pricing in the Fed's long-term policy will moderate

Odaily Planet Daily Report: Nomura Securities no longer expects the Federal Reserve to cut interest rates at the policy meeting in December. This makes it the first global securities firm to suggest that the Federal Reserve will enter an interest rate cut cycle after Trump's election victory. Nomura Securities now expects the Federal Reserve to cut interest rates by 25 basis points at the meetings in March and June 2025. Nomura Securities believes that in the context of continued economic growth and the possibility of further rise in inflation, policymakers have recently made hawkish remarks, further indicating that the Federal Reserve is not in a hurry to cut interest rates, and therefore the Federal Reserve will pause the tightening cycle next month. Nomura Securities also expects the Federal Reserve to suspend interest rate cuts for an extended period until March 2026 after a possible rate cut in June next year. (Jin Shi)

Nomura Securities: The Fed is expected to cut interest rates only twice, in March and June next year, by 25 basis points each time

Odaily Planet Daily Report: Morgan Stanley stated in its 2025 Global Strategy Outlook that "our economists expect the Federal Reserve to cut interest rates by 75 basis points in the first half of 2025." Compared to the implied path of the Federal Reserve's policy in the market, the forecast of Morgan Stanley's research economists is more moderate. In addition, Morgan Stanley's research analysts said that they expect the yield on the 10-year U.S. Treasury bond to decline to 3.75% by the middle of 2025, and to be slightly above 3.50% by the end of next year. (Gold Ten)

Morgan Stanley's 2025 Global Strategic Outlook predicts that the Federal Reserve will cut interest rates by 75 basis points in the first half of next year

The Federal Reserve's Collins stated that monetary policy is restrictive and will need to be eased over time. (Gold Ten)