英美拒绝升息，金价多头迎喘息之机
周五（11月5日）亚洲时段，现货黄金持稳于1792附近。周四（11月4日）金价大涨逾1%，一方面因美债收益率大跌，另一方面，美国与英国均表示不升息，宽松的货币政策仍然得以延续。但美元及美股的强势上涨限制了金价的涨势。
美国10年期公债收益率下滑
美国公债收益率周四下跌，收益率曲线趋陡，因市场解美联储将加快升息的预期。此前一天，美联储暗示不急于升息。
Sterling Capital Management资深固定收益策略师Andrew Richman表示，英国央行决定暂缓升息，令欧洲部分公债收益率大幅下滑，也扶助推高美债价格。
Schwab Center for Financial Research首席固定收益策略师Kathy Jones说：“(收益率曲线趋陡)告诉我们，市场在尽早解除这些大幅加息的预期，所以我认为(市场)开始意识到，至少从鲍威尔的讲话来看，美联储对保持耐心、允许通胀适度高于目标是非常认真的。”
美国第三季度生产率创下1981年以来最大降幅
美国第三季度生产率创下1981年以来最大降幅，反映出了经济增长大幅回落和工作时间增加。
美国劳工部周四公布的数据显示，第三季度非农企业员工每小时产出折合年率下降了5％。相比之下，第二季度增长2.4％，而经济学家的预期为下降3.1％。生产率数字经常非常不稳定。
由于供应链动荡，并且病例激增抑制了支出，第三季度经济增长步伐达到经济从疫情中复苏以来最慢，这种减速反过来推低了政府衡量生产率增长的指标。
当企业面临劳动力等成本不断上升的局面时，往往会通过技术改进和设备投资来提高工人的生产率。
各种通胀指标仍然显示出极高的物价压力。如果生产率增长在未来几个季度没有实质性回升，那么可能会引发对薪资快速增长导致薪资–通胀螺旋上升的担忧。
本文来源： 大田环球贵金属
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