A Bank of America monthly survey found the AI-led rally is likely to continue, with FOMO still driving the trade. Among fund managers surveyed, 56% described the AI cycle as in a ‘‘boom/expansion’’ phase, 21% called it ‘‘euphoria’’ and 9% ‘‘profit-taking’’. The survey covered investors managing $465bn AUM and ran June 5–11, ahead of the SpaceX IPO. Eighty percent said buy-and-hold global semiconductor positions are the most crowded trade, the highest reading in the survey’s history. Respondents

澳洲联储主席布洛克：仍对通胀表示担忧，但目前处于更好的位置。通胀仍存在上行风险。

The Bank of Japan, by a 7-1 vote, reviewed JGB market functioning and set its future purchase approach: long-term rates should be market-determined; predictable JGB purchases are appropriate, but the bank will retain flexibility to support market stability. Policy actions: from now through Jan–Mar 2027 the BOJ will, in principle, cut the monthly JGB purchase cap by about ¥200bn each calendar quarter; from April 2027 the monthly cap will be maintained at about ¥2 trillion. If long-term yields rise rapidly, the BOJ said it would respond flexibly — including increasing JGB purchases, conducting fixed-rate JGB purchase operations (both potentially outside the monthly cap), and providing funding operations secured by pooled collateral. The BOJ will not carry out a mid-term review of its direct JGB purchase plan but said it stands ready to adjust the pace of purchases at policy meetings if warranted by the bank’s basic approach and market developments.