摩根大通全球市场策略团队发现，近期跨资产波动放大，并不意味着所有市场的交易流动性都在同步恶化。真正恶化最明显的，是现金美债市场。报告显示，10年期现金美债的市场深度近几周明显下降，已经接近2026年3月伊朗冲突爆发时的低点。相比之下，标普500 e-mini、Euro Stoxx 50 e-mini、公司债ETF，甚至最近受到地缘风险扰动的油价，其流动性恶化都相对有限。

Federal Reserve Governor Waller said rates that affect ordinary Americans are not accommodative.

Refinitiv, citing Kpler vessel-tracking data, said just six commodity carriers transited the Strait of Hormuz on Wednesday, down from 11 the prior day and below the roughly 13-vessel 10-day average. The count comprised one VLGC, two long-range fuel oil tankers, one Supramax and one Panamax tanker entering from the Gulf of Oman, and one fully laden VLGC exiting into the Gulf of Oman. Totals may change as some ships switch off AIS. In the Bab al-Mandeb, 31 commodity carriers transited on Wednesday, the highest since Aug. 24 and above the 10-day average of 25; Tuesday saw 17 transits.