机构：美联储年内将按兵不动，下一步将降息

Odaily Planet Daily News BlueBay Chief Investment Officer Mark Dowding said in a report that the institution still expects the Federal Reserve to keep policy unchanged in 2026, but as inflation begins to fall in 2027, it is increasingly confident that the next move for U.S. interest rates will be a cut, not a hike. Dowding said it is unlikely that the yield on the 5-year U.S. Treasury note will sustainably rise above 4%. Based on this assessment, BlueBay has switched its breakeven inflation trade on medium-term U.S. Treasury Inflation-Protected Securities (TIPS) to a direct long position in inflation-linked bonds. (Jinshi)